Renewing Your RMG Mortgage
Renewal is an excellent time to reassess your borrowing needs. At RMG we have a wide-range of fixed and variable rate mortgage products to meet your needs.
Renewing Is Easy
At RMG, we make the renewal process easy. Approximately 30 days prior to your renewal date, RMG will send a renewal agreement to you in the mail detailing your interest rate and payment options. Simply select the term and rate that is best for you and mail, fax or email the completed offer back to us. Alternatively, you can contact us sooner and speak to your dedicated Renewals Specialist to discuss your options up to 90 days before your renewal date.
Talk to a Renewal Specialist
The renewal of your mortgage is important. So much so that RMG has a dedicated team of Mortgage Renewal Specialists designed specifically to look after your mortgage renewal needs. Whether you are unsure of the difference between fixed or variable rate terms or concerned about rising interest rates, our Renewal Specialists can explain it all to you in terms that are simple and easy to understand. Our Specialists are only a phone call or e-mail away. Call 1 877 850 5428 or fill out a request form to contact us.
If you do not return the signed renewal agreement by your maturity date, your mortgage will be automatically renewed into a 6-month closed fixed rate convertible term. This term allows you to convert into a fixed rate mortgage at a later date without penalty; however it also comes with a higher interest rate than is available on most of RMG’s fixed and variable rate terms.
RMG Mortgages offers a variety of products and programs to fit the diverse needs of Canadian homeowners.
High Ratio Mortgages
Ideal for homebuyers who require financing between 80 - 95% of the value of the property.
Low Ratio Mortgages
Ideal for homebuyers who require financing up to 80% of the value of the property.
Bridge Financing Program
Bridge Financing is a temporary source of funds that enables our clients to borrow against the value of their current home to secure a second property, also financed by RMG Mortgages. Subject to approval.
RMG Mortgages supports most Canada Mortgage and Housing Corporation (CMHC) and Genworth Canada programs to ensure the accessibility of mortgages for Canadian consumers.
What will interest rates do in the next little while?
That is a great question, but unfortunately nobody knows for sure which way interest rates will go. There may be times when interest rates rise, and other times when interest rates fall. If you are concerned about interest rates, perhaps our Customer Service Specialists could look at doing an Early Renewal on your mortgage to lock you into a new rate today.
Why do interest rates change?
Interest rates change depending on a wide range of factors. Things such as the Bank of Canada Rate, unemployment, and the economy all play roles in determining interest rates.
I have been offered a better rate by another Financial Institution, can you match?
There are many factors to consider when comparing interest rates. If you are in the middle of a closed term mortgage, there is an interest penalty to break your mortgage early. This penalty may eliminate any potential savings by moving your mortgage. If you are interested in lowering your mortgage rate, contact one of our Customer Service Specialists. They may be able to offer you an early renewal, which may reduce or save potential penalty charges.
Do I really need to spend money on an insurance plan?
I have life and disability insurance with my employer already.
Having the added benefit of life insurance, and disability insurance, certainly helps with day-to-day costs such as utilities and taxes, but employer disability plans usually only cover a percentage of your income. Having the added security of mortgage life insurance means that neither your family or estate will need to use funds from any other life insurance plan to pay your mortgage. Secure Start can help ensure one of your largest assets — your home — is protected, regardless of any additional coverage you may have.
Am I required to get a complete medical exam?
If you answered “No” to the health questions on the Secure Start application and your mortgage balance is $300,000 or less, approval of this insurance is automatic. If you answered “Yes” to a health question or if the mortgage balance exceeds $300,000, you will be required to undergo a confidential medical interview. The insurer may request additional information or tests in order to get a complete picture of any medical condition you have, but this generally occurs in a low percentage of cases. Please note that coverage only becomes effective upon written approval from Sun Life Assurance Company of Canada.
When does my insurance coverage begin?
For most, coverage begins as soon as you begin paying your premiums. Your policy comes into effect on the later of these dates: when you apply for coverage, the date the insurer approves your coverage or the date funds are advanced.
What happens to my insurance policy when my mortgage is up for renewal?
When you renew your mortgage with RMG, your policy will be extended automatically and there are no additional forms to complete.
What is the maximum coverage for Life Insurance?
The maximum coverage is $500,000 for all insured mortgages with RMG.
What if I decide to purchase a new home or require additional funds and want to increase my mortgage amount with RMG?
If you move or wish to refinance your mortgage, your outstanding coverage protection will transfer over automatically. Partial insurance coverage will be based on the unpaid balance of your existing mortgage and you do not need to re-apply. The new benefit amount is calculated by taking the transferred coverage amount, divided by the total balance of your new refinanced mortgage. This percentage will be applied to the outstanding balance at time of death. If you wish to top up the coverage, a new application must be completed for the additional amount. If your health condition is such that your application for insurance is declined, the partial coverage as outlined above will still be granted.
What does Disability Insurance cover?
Let’s assume you purchased Disability Insurance for your mortgage. Your monthly principal and interest mortgage payments are $1,500 per month and your property taxes are $200 per month (as long as property taxes are collected by RMG). In the event of a claim, you will be covered for $1,700 per month, if you applied for full coverage of your total payments.
What is the maximum coverage for Disability Insurance?
The maximum coverage is $4,000 in monthly mortgage payments and taxes (as long as taxes are collected by RMG) and the maximum coverage is 24 months of disability benefits, consecutively or in aggregate per disability. There is a lifetime cumulative maximum of 48 months for all insured mortgages with RMG.