Mortgage Renewals
Your renewal letter arrived. Now what?
Most people just sign it and send it back. It's easy, it's familiar and it could be costing you thousands.
When your lender sends you a renewal offer, they're counting on the fact that you won't shop around. But your mortgage is one of the biggest financial commitments you have, and renewal time is actually one of the best opportunities you'll get to make sure it's still working for you.
That's where I come in.
What I do at renewal time
I review your current mortgage, compare it against what's available in the market right now, and give you a straight answer on whether you're getting a fair deal or whether we can do better.
There's no obligation, no pressure, and no cost to you. Just a clear picture of your options so you can make an informed decision.
Why you shouldn't just auto-renew with your bank
Your lender is not required to offer you their best rate at renewal. In fact, the offer in that letter is often not their best rate, it's just what they're hoping you'll accept.
As a mortgage broker, I have access to dozens of lenders and can negotiate on your behalf. That kind of competition is what gets you a better rate, and even a small difference in your rate can add up to significant savings over the life of your mortgage.
Renewal is also a great time to:
Reassess your amortization and payment schedule
Access equity if you need it
Switch to a product that fits your life better than it did five years ago
Consolidate debt at a lower interest rate
When should you reach out?
Ideally, 4 to 6 months before your renewal date. That gives us time to explore your options, lock in a rate hold if rates are moving, and make sure everything is in place before your term ends.
Already closer to your renewal? Reach out anyway, it's never too late to review what you've been offered.
Let's take a look
Send me your renewal offer and I'll tell you exactly where you stand. No complicated process, no commitment, just honest advice from someone who works for you, not the bank.
