What does a mortgage broker in Kelowna do?

A Kelowna mortgage broker like Ash Simpson shops your mortgage application across 50+ banks and lenders to find the best rate and terms for your situation. Unlike going directly to one bank, a broker gives you access to the full market — at no cost to you, since brokers are paid by the lender.

Can self-employed people get a mortgage in BC?

Yes. Self-employed Canadians in BC can qualify for mortgages through stated income programs, bank statement mortgages, and Alt-A lenders. Traditional banks often decline self-employed applicants because their taxable income appears low on paper. Ash Simpson at Insight Mortgage specializes in self-employed mortgage solutions that work around this.

Can I get a mortgage in BC with bad credit?

Yes. Ash Simpson works with alternative and private lenders in BC who offer mortgages to borrowers with damaged or limited credit. These solutions can also help you rebuild credit over time and transition back to a traditional lender at renewal.

What areas does Insight Mortgage serve?

Insight Mortgage is based in Kelowna, BC, and serves clients throughout British Columbia and Alberta. Ash Simpson is a licensed mortgage broker in both provinces and works with clients remotely across the country.

How much does it cost to use a mortgage broker in BC?

In most cases, using a mortgage broker in BC is completely free to the borrower. Ash Simpson is paid a commission by the lender when your mortgage closes. For certain alternative or private lending situations, a broker fee may apply — this would always be disclosed upfront.

What is the difference between a mortgage broker and a bank?

A bank can only offer its own mortgage products at its own rates. A mortgage broker like Ash Simpson has access to dozens of lenders — banks, credit unions, trust companies, and alternative lenders — and can shop your application across all of them to find the best fit.

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Ash Simpson
June 10, 2026

Mortgage Renewal vs Refinance BC: How to Choose

Key Takeaways: Renewal = new rate and term, same loan balance, no penalty. Refinance = new mortgage (can change amount, amortization, access equity), penalty if mid-term. Switching lenders at renewal now requires no stress test (OSFI Jan 2026). If you need equity access, debt consolidation, or amortization change — renewal won’t get you there.

What Is a Mortgage Renewal?

Renewal: term ends, you sign a new rate and term, same outstanding balance. No structural changes. Since January 2026, OSFI eliminated the stress test for lender switches at renewal (same loan amount, same amortization) — your lender can no longer use the stress test as a barrier. See: renewal checklist BC.

What Is a Mortgage Refinance?

Refinance: replace your existing mortgage with an entirely new one. Change lender, loan amount, amortization, rate type, or any combination. Done at maturity: no penalty. Done mid-term: break penalty applies.

Side-by-Side Comparison

Factor	Renewal	Refinance
Loan amount	Same	Can increase (up to 80% LTV)
Equity access	No	Yes
Stress test	Eliminated when switching lenders (OSFI Jan 2026)	Required (contract + 2%, min 5.25%)
Break penalty	None at maturity	IRD or 3-month interest if mid-term
Best for	Rate improvement only	Rate + equity + amortization restructure

When to Renew

Goal is purely a better rate. Circumstances haven’t changed. Not accessing equity, not consolidating debt, not changing amortization. This describes most renewals.

When to Refinance

Need equity access, debt consolidation, amortization extension, or structural restructuring. Renewal can’t accomplish these. If refinancing at maturity: no penalty. If mid-term: run the break-even calculation first.

The Break-Even Calculation

Formula: penalty ÷ monthly savings = months to break even.
Example: $600K mortgage at 5.75%, 24 months remaining, new rate 4.09%. Monthly savings: ~$520. Monoline penalty ~$12K → break-even 23 months (barely positive). Big bank penalty ~$25K → break-even 48 months (not worth it). See: mortgage break penalty BC.

FAQ

Difference between renewal and refinancing?
Renewal = same balance, new rate/term. Refinancing = new mortgage, can change loan amount, access equity, reset amortization.

Does refinancing require stress test?
Yes — full stress test (contract + 2%, min 5.25%). Lender switches at renewal are now stress-test exempt (OSFI Jan 2026), but refinancing still requires full requalification.

Can I access equity by renewing?
No. Renewal maintains existing balance. For equity access: refinance or HELOC.

When does breaking mid-term make sense?
When rate savings over remaining term exceed the penalty. Divide penalty by monthly savings. Monoline lenders: often justifiable. Big bank IRDs: usually not.

See also: should I refinance BC | Kelowna mortgage broker. Call 250-859-2100 — free to borrowers.

Mortgage Renewal vs Refinance BC: How to Choose