An annual mortgage statement is a yearly summary from your lender. It shows your balance, the payments you made, how much went to interest and when your term ends. Check it every year and keep it with your records.
What does it show?
- Your current balance
- Payments made over the year
- How much went to interest and how much to principal
- Your rate, term and renewal date
- Any other amounts you owe, such as property tax paid through the lender
Lenders send it at least once a year, and you can ask for one any time. Many arrive early in the year.
What should I do with it?
Compare it with your own records. If the balance or payment history looks wrong, call your lender right away and ask for a corrected statement. Then store it somewhere safe.
Self-employed? If you claim part of your mortgage interest for a home office or rental, your accountant will need this statement.
Use it as a reminder
Your statement shows your renewal date. That makes it a good time to ask whether a better rate, a refinance or a switch from variable to fixed makes sense.
Questions about your statement? Schedule a call with Lisa.
Talk to us
Send us your statement each year and we will check your renewal date, your prepayment room and your options. Book a call with Lisa or Kelly, or phone 289-723-2126.
Common questions
What if my annual mortgage statement shows a balance I did not expect?
Check how many payments you made first. Accelerated or extra payments lower the balance faster. If it is higher, look for a skipped payment, a deferral or a rate change on a variable mortgage, and ask your lender for a payment history.
Should I send my annual mortgage statement to my broker?
Yes, every year. It lets us check your renewal date, remaining amortization and prepayment room. Lenders must disclose your cost of borrowing under rules overseen by the Financial Consumer Agency of Canada.
How often do I get a mortgage statement?
At least once a year. You can also ask your lender for one at any time.