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.

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.

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

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 60 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 everything. You will also receive a text message alerting you to this email 60 days, 30 days, 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 arrange to payout the mortgage before 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.

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 60 days from 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 30 days of maturity.

• 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 60 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 at least 60 days from 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 60 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 is 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 Cancelation 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 60 days of maturity. You can obtain a statement directly through your financial institution by either requesting a monthly summary from the teller or some institutions have an online portal where you can download the statement from. If neither of these options work, you should reach out to a mortgage agent from your lender to request a statement of accounts. 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 60 days of maturity.

You can obtain a statement from your municipality or if you pay or are registered through an online portal, check to see if you can download a statement directly 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 by an alternative lender who holds a First or Second mortgage, 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 upon renewal.

Any outstanding mortgage payments will be noted in the 60-day email you receive, and they will need to be paid before we can proceed with renewal. You can remit the payment via e-transfer or direct deposit. 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 payment and provide a copy of the draft/certified cheque and a copy of the deposit receipt. For e-transfer, the funds can be sent to: info@hospermortgage.com.

Password must be made “hosper” and any security question can be used for the e-transfer. Please include your name, address, and purpose of funds in the notes of the e-transfer.

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 60-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 e-transfer or 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; they will not be pulled as one lump sum.