Payments are pulled on the 1^st day of each month. Please keep in mind that this day does not always fall on a business day, in which case the payment will reflect being pulled on the first business day of the month.

Payments are collected retroactively, meaning you are paying on the 1^st of the month for the previous month’s interest. For example, if your mortgage closes on September 1^st, your first payment date will be October 1^st. The collected payment will cover the interest accrued from September 1^st to September 30^th.

Hosper Mortgage cannot customize the payment date or change the frequency of payments. Payments are scheduled to be pulled from your payment account for the 1st of each month. Please ensure you have available funds in the account by the 1st to avoid penalties.

If would like to change your payment account, please email info@hospermortgage.com with a new void cheque and a completed copy of our Hosper PAD form. Payment accounts can be changed within two business days of receipt of the above documents.

If you believe you are going to miss an upcoming payment, or receive notice from your bank that a recently pulled payment has bounced, please contact Hosper’s Customer Care Team at Info@HosperMortgage.com or (647) 277-6509 Ext. 2 from Monday through Friday, 9am-5pm EST.

Effective April 1, 2025, Hosper Mortgage will no longer accept e-transfer payments.

If you have missed a payment and are wondering what to do next, please contact Hosper’s Customer Care Team as soon as possible.

Missed payments will be re-pulled on the 10th of the month. If you missed your payment on the 1st of the month, please ensure you have funds available in your account for the 10th. Note that if the payment date falls on a holiday or weekend, the payment will reflect being pulled on the next business day.

To bring the payment into good standing via direct deposit, please click here to download Hosper’s direct deposit information. To ensure your payment is credited to the correct account, please ensure you email the deposit receipt to Info@HosperMortgage.com. If you have paid by cheque, please include a copy of the draft/certified cheque. Note that funds CANNOT be credited without proper proof of payment.

Your mortgage is set for a specific term length. Once that term has ended, your mortgage has matured and you will need to pay out or extend the mortgage for another term. Each extension is a renewal. Please note that if your mortgage was prepaid up front on closing, payments will need to be made moving forward if the mortgage is renewed.

Hosper Mortgage is dedicated to keeping you informed about your mortgage status. You receive a welcome email upon the closing of your mortgage that lists the maturity date. You will also receive an email 90 days before the maturity of your mortgage that outlines the requirements for renewal consideration. A deadline for renewal consideration will be provided in order to grant us time to review the documents. You will also receive a text message alerting you to this email 90, 60, 30, and 15 days prior to your maturity. An email will be sent 15 days prior to the maturity of your mortgage detailing all outstanding renewal conditions to be satisfied.

If you do not wish to renew your mortgage, you will need to payout the mortgage by the maturity date. Please note that a renewal is not guaranteed and is offered on a case-by-case basis. A renewal is only finalized once all parties have signed and agreed to the renewal. You will receive an email confirming the renewal has been finalized with further details about your new monthly payment and maturity date.

90 days prior to the maturity of your mortgage, Hosper’s Renewal Team will contact you via email with a detailed list of required items in order to consider a renewal. This email will also be sent to your broker to ensure that all parties involved are aware of the situation. There are deadlines in place to allow us sufficient time to review a renewal. Once a renewal has been agreed upon by both Hosper and the client(s), we will issue a renewal agreement for signing that details the terms of the renewal.

Our renewal process has changed. As of December 1, 2022, the following items are required in order to review a mortgage for renewal consideration:

• An updated appraisal completed by an approved appraiser within 90 days of maturity.
• An updated property insurance confirmation letter.
• A mortgage statement for any mortgages in priority to Hosper's mortgage. If you have a Second mortgage with Hosper, a First mortgage statement will be required.
• A property tax statement confirming no arrears within 90 days of maturity.
• If you are self-employed: Confirmation that your business has no HST balance owing with CRA. A screenshot of CRA’s “My Business Account” portal is sufficient.
• Any outstanding arrears on the mortgage are to be brought up to date.
• Paid renewal fee.
• Signed renewal agreement (to be sent once all other conditions are satisfied).

Please note that renewal may be provided upon receipt of all requested documents. A renewal is not guaranteed and is offered on a case-by-case basis. You will receive an email 90 days prior to maturity that will list the requirements for renewal consideration. We highly suggest working with a broker to obtain the necessary documents for renewal.

We would encourage you to request an appraisal through your broker. An appraisal can be ordered from a Hosper-approved appraisal company listed here. It is required that the appraisal be dated within 90 days of your maturity date for it to be relevant and compliant.

If you need assistance in ordering an appraisal, please contact Hosper’s Renewal Team at renewals@hospermortgage.com or (647) 277-6509 Ext. 4 from Monday through Friday, 9am-5pm EST. A quote will be provided to you before we confirm the order, and a payment link will be sent to you to complete the payment. It is your responsibility to schedule the inspection date with the appraiser.

Valid property insurance is required under the terms and conditions of your mortgage. As your insurance may have expired at the time of your mortgage maturity, we require an updated proof of insurance dated within 90 days of maturity. We will need to be listed as a loss payee under our new address: Hosper Mortgage, In Trust, 21 St. Clair Ave East, Suite 200, Toronto, Ontario, M4T 1L9.

You can either obtain an updated insurance binder from your insurance broker, check if there is an online insurance portal where you can download the binder from, or reach out to the insurance company directly to have the loss payee information updated. You can request a copy be sent to either yourself or directly to Hosper Mortgage at renewals@hospermortgage.com.

Due to privacy reasons, insurance companies will not speak directly to lenders regarding the status of the insurance. We are unable to obtain this document on your behalf. Without insurance coverage, you will be added to our emergency insurance policy. This will come with an initial Insurance Cancellation Fee of $300.00 and an Interim Insurance Coverage Fee of up to $1,250.00 applied every 3 months.

If you hold a mortgage with another lender that is not Hosper Mortgage, we will require a mortgage statement that demonstrates the mortgage is in good standing.

The statement must include your name and the property address that is registered with Hosper and be dated within 90 days of maturity. You can obtain a statement directly through your financial institution by either requesting a monthly summary from the teller or downloading your statement if your institution has an online portal. Due to privacy reasons, we are unable to obtain this document on your behalf.

We require a property tax statement that demonstrates there are no current tax arrears. The statement must include your name and the address that is registered with Hosper and must be dated within 90 days of maturity.

You can obtain a statement from your municipality. If you are registered through their online portal, you can download and provide a statement that shows your payment history. Alternatively, if you are billed through the mail, provide the most recent copy alongside bank statements showing the payments to the municipality. If your property taxes are paid through your mortgage payments with another lender, we will require this to be noted on the mortgage statement provided. Note that Hosper Mortgage can obtain a property tax statement on your behalf for a fee ranging from $75-$125, depending on the municipality, and this will need to be paid to Hosper before renewal.

Any outstanding Hosper mortgage payments will be noted in the 90-day email you receive, and they will need to be paid before we can proceed with renewal. You can remit the payment via direct deposit or notify us to pull the payment directly from your payment account. For direct deposit, please follow the attached link for our direct deposit details. If paying by direct deposit, you will need to notify us of the payment and provide a copy of the deposit receipt. If paid by draft/certified cheque, we will require a copy of the draft/certified cheque. Please note we cannot credit funds to your account without proof of payment.

The renewal fee is a percentage of the principal balance. The renewal fee is calculated based on the term of the mortgage (3, 6, or 12 months), the position of the mortgage (First, Second, Third, or Fourth mortgage), and the payment history. The renewal fee is detailed in a 90-day notice email from Hosper’s Renewal Team.

A discount may be provided if the renewal fee is paid up-front or over the course of the renewal term. If you wish to pay the renewal fee upfront, we kindly ask that you remit the payment via direct deposit. If you wish to pay your renewal fee over the course of the renewed term, payments will be pulled alongside the monthly interest payments on the first of the month. Please note that this payment will be separate from the monthly interest amount; it will not be pulled as one lump sum.

If you have a refinancing plan set but it takes place after the maturity of your mortgage with Hosper, please reach out directly to our Renewal Team at renewals@hospermortgage.com, or have your broker reach out, so that we may discuss the available options. In some cases, we may require a short-term 3 or 6-month renewal in order to continue holding the mortgage while you work to close the refinance.

If you have a plan to sell your property but the sale will take place after the maturity of your mortgage with Hosper, please reach out directly to our Renewal Team at renewals@hospermortgage.com, or have your broker reach out, so that we may discuss the available options. In some cases, we may require a short-term 3 or 6-month renewal in order to continue holding the mortgage while you work to close the sale.