Homeowners will also need to provide proof of regular employment and income, which will be challenging for many amid all the layoffs and shutdowns. Some lenders are even double-checking employment status just before closing to ensure you’re still on the payroll. If your employment status is rocky right now, gather whatever evidence you can to show you’re pulling a steady income.from the Canadian Mortgage and Housing Corporation. Those only apply to new high-ratio mortgages, not refinancing.
So don’t assume your new mortgage will work just like your old one. Pay attention to the details while you’re hunting for a low rate and think about what features matter to you.The whole point of refinancing is to save you money, so make sure you actually come out ahead after covering the cost of the transaction.
And if you’re switching lenders, expect to be hit with an extra discharge free. Prices range between $0 and $400, depending on your province and lender. Luckily, if your mortgage is big enough, your new lender may consider paying your legal fees for you.