Welcome to the latest episode of Make Money Count! This year, nearly 40% of Canadian mortgages are renewing, and many homeowners are shocked by the higher rates and limited options they’re seeing. If you’re self-employed, have decent credit, and are currently with an alternative lender like Home Trust or Community Trust, this is for you. Marcus & Justin will walk you through what’s happening, your options, and how Cannect can help you make the smartest move, without the usual stress or paperwork.
Episode Highlights
Meet the Client: A Common Renewal Scenario
Here’s a real-world example of a situation we come across almost daily:
“Hey there. I’m coming up for renewal soon. I’m currently with Home Trust. I’m self-employed and have decent credit, but I don’t show a lot of income. I’m looking to pull $200,000 from my property to do some renovations, but I don’t want to gather all of my documents. Can you help?”
Yes—we absolutely can. And here’s how.
Step 1: Don’t Just Renew—Negotiate
Many borrowers assume their current lender will offer a fair deal at renewal. But the truth is, lenders like Home Trust are businesses—designed to maximize profit, not hand out the best rates. They often offer a rate assuming most clients won’t push back.
That’s where Cannect steps in. We act as your advocate, negotiating with lenders on your behalf and exploring all your options—often securing better terms or even alternative solutions that your lender won’t offer you directly.
Step 2: Consider All Your Options
In the scenario above, the borrower wants to access $200,000. Depending on equity, there are several ways we could help:
Refinance with Home Trust
We’ll contact Home Trust and assess what they’re offering. If the rate or terms aren’t ideal, we won’t stop there.
Blend and Extend / Second Mortgage
If refinancing isn’t possible or too expensive, we could explore placing a second mortgage or home equity loan behind the existing one—often starting at competitive rates around 7.5% or lower.
Switch to Another Lender
We’ll evaluate alternative lenders like Community Trust, Equitable Bank, or even credit unions to see if you qualify based on home equity and self-employed income.
Step 3: Documents? We’ll Make It Easy
If you’re self-employed, providing income documents can be painful. But at Cannect, our technology makes this process easier than ever. We use tools like Flinks to access your bank statements securely, and our team helps gather what’s needed, so you don’t have to chase down every piece of paper yourself.
In many cases, we can work with reduced documentation if the equity is strong and the situation makes sense.
Step 4: See Every Option—Clearly
Through the Cannect Borrower Portal, we lay out every available solution in one place:
- Keep your mortgage with your current lender and access a second loan behind it
- Refinance your full mortgage with the same lender
- Switch to a new lender with more flexible self-employed options
- Use your home equity now, and refinance again after renovations add value
Each option includes rate comparisons, monthly payment details, and pros and cons, so you’re never left guessing.
You’re Not in This Alone—We’re Here to Help
Renewing your mortgage, especially when self-employed or working with alternative lenders, can feel overwhelming. But it doesn’t have to be. With Cannect by your side, you get expert guidance, less paperwork, and a clear path forward that saves you money and stress.
📞 Ready to talk about your renewal? Contact us today and let’s make a plan that works for you.
