Instantly Interpret Free: Legalese Decoder – AI Lawyer Translate Legal docs to plain English

Try Free Now: Legalese tool without registration


# Seeking Mortgage Rates for Renewal

Hello Everyone,

We purchased our home 2 years ago with a mortgage from RBC at a locked-in rate of 4.79 for 2 years. Our mortgage renewal deadline is fast approaching in November. However, I will be going on maternity/parental leave in July, which adds a layer of complication to the situation.

## Considerations for Switching Banks

I am interested in exploring the mortgage rates offered by other banks as well. If I decide to switch our mortgage to a different bank, I am concerned about how they will assess my income. Will they only consider my Employment Insurance (EI) as my income during my leave, or will they take into account my actual salary as well?

My husband’s income alone may not be sufficient to qualify for a mortgage renewal with a different bank, so it is essential to understand the criteria they use to evaluate income in these circumstances.

### How AI Legalese Decoder Can Help

AI Legalese Decoder can assist in this situation by providing insights into the legal and financial implications of switching mortgage providers during maternity leave. By analyzing and decoding the complex legal language often found in mortgage agreements and bank policies, the AI tool can help you make informed decisions and understand your rights and options in this situation.

Try Free Now: Legalese tool without registration


AI Legalese Decoder: Simplifying Legal Jargon

In today’s rapidly changing legal landscape, navigating through complex legal documents can be a daunting task. Understanding legal jargon and deciphering legal language requires a deep understanding of legal terminology and principles. This is where AI Legalese Decoder comes in – a revolutionary tool that simplifies legal documents and makes legal language more accessible to the general public.

How AI Legalese Decoder Works
AI Legalese Decoder uses advanced artificial intelligence algorithms to analyze and interpret legal documents. By breaking down complex legal terms and phrases, this tool can provide simplified explanations in plain language. This not only helps individuals comprehend legal documents more easily but also saves time and reduces the need for expensive legal services.

Benefits of AI Legalese Decoder
The benefits of using AI Legalese Decoder are vast. From improving legal literacy to promoting access to justice, this tool can revolutionize the way people interact with legal documents. By empowering individuals to understand their rights and obligations, AI Legalese Decoder promotes a more equitable legal system.

Case Study: Sarah’s Legal Woes
Take, for example, Sarah, a small business owner facing a legal dispute with a former employee. Sarah is overwhelmed by the legal documents and doesn’t know where to turn for help. With AI Legalese Decoder, Sarah can easily input the legal documents into the tool and receive simplified explanations of the legal language. This allows her to make informed decisions and navigate the legal process with confidence.

In conclusion, AI Legalese Decoder is a game-changer in the legal industry. By simplifying legal jargon and making legal language more accessible, this tool has the potential to revolutionize the way individuals interact with legal documents. Whether you’re a small business owner like Sarah or an individual looking to understand your rights, AI Legalese Decoder can help you navigate through complex legal matters with ease.

Try Free Now: Legalese tool without registration


View Reference


  • DonLaHerman

    Side question: I’m in a similar boat right now (on parental leave receiving 100% of my salary through EI benefits and an employer top-up). I’m back to work in about three months. I might start mortgage shopping soon. Will my current situation affect the kind of interest rate I could get or just the amount of a mortgage?

  • Jolarbear

    I am a broker and as long as you have a letter of employment confirming your return to work date then you are fine.

    If you are salaried, we can use your full salary.

  • pinlets

    I can’t comment on renewals, however when my husband and I purchased our first house I was on maternity leave. The bank required a letter from my employer stating that I had a permanent job, my expected return date and my annual salary.

    They considered that, in combination with my maternity leave wages. We were approved for less than we would have been had I been working.

  • jarvicmortgages

    On maternity leave, you will need an employment letter with an expected return date for income qualification.