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 9, 2026

Mortgage Renewal vs. Refinance in Kelowna: Which Saves More?

If you own a home in Kelowna, two words get thrown around like they mean the same thing: renewal and refinance. They don’t, and confusing them can cost you money or leave money on the table. Here’s the plain-language difference, and how to know which one fits your situation.

What a mortgage renewal actually is

A renewal happens automatically at the end of your mortgage term, typically every five years. Your balance and amortization carry forward; you’re simply choosing the rate and product for the next term. Here’s the important part most people miss: at renewal your term has ended, so you can move your mortgage to a different lender with no prepayment penalty. That’s your leverage. (I cover the mechanics in my guide to mortgage renewal in Kelowna.)

What a refinance is

A refinance means breaking or restructuring your mortgage mid-term, usually to access your home’s equity, consolidate debt, or fund a renovation or investment. You can borrow up to 80% of your home’s value. Because you’re ending your term early, a refinance before maturity can trigger a prepayment penalty, often three months’ interest or an interest-rate differential on fixed mortgages.

The key difference in one line

Renew when you mainly want a better rate and your term is ending. Refinance when you need to pull out equity or restructure debt and can’t wait for renewal.

Which one saves more?

If your term is ending and you just want a lower rate, renewal wins. No penalty, minimal cost, and switching lenders is often free because the new lender covers transfer costs.
If you’re carrying high-interest debt or need cash for a renovation, a refinance can save more overall, even with a penalty, because rolling that debt into your mortgage rate slashes the interest you pay.
If you’re close to renewal anyway, wait. Doing the restructuring at renewal avoids the penalty entirely.

A quick Kelowna example

Say you’re renewing a $500,000 mortgage and your bank offers a rate 0.40% above the best available. Simply switching lenders at renewal, with no penalty, saves roughly $2,000 a year — about $10,000 over a five-year term. Now suppose you also have $40,000 in high-interest debt. A refinance in Kelowna that folds that debt into your mortgage could save far more in monthly interest, but it only makes sense if you can’t wait for renewal to do it.

How to decide without guessing

The honest answer is that it’s case-by-case, and the math changes with your balance, rate, penalty, and goals. That’s exactly what I run for you in a few minutes, for free. My goal is never to sell you anything; it’s to show you the numbers so the right choice is obvious.

Book your free review

Don’t sign your bank’s offer before you’ve compared it. I’m Ash Simpson, and I shop 50+ lenders for Kelowna homeowners at no cost to you. Book a free review or call 250-859-2100.

How can we help you?

Have a mortgage question? Get a straight answer from Ash within one business day — or call 250-859-2100.