So, you’re in the last year of your mortgage—congrats! You’ll probably be getting a renewal letter from your lender soon, but before you just sign it and send it back, let’s talk.
Remember, you’re in the driver’s seat.
You’ve got a solid track record as a homeowner, and lenders know it. They want your business, and that’s where I come in. Let’s chat about how we can use this to your advantage. With low interest rates and a variety of mortgage solutions, shopping around could save you thousands.
I’ll connect with over 50 lenders to secure the best interest rates and terms for your renewal.
A lower rate can make a big difference in your monthly payments and overall savings.
You’ll have a few loan options to consider, and we’ll go through them side by side. Beyond just choosing the lowest rate, we’ll talk about whether a fixed or adjustable rate is the best fit for you.
We’ll make sure you’re in the best possible position.
Renewing your mortgage can come with a few fees, like legal and administrative costs, and a mortgage discharge fee. But don’t worry, I’ll work to get those costs absorbed by the lender. It’s a competitive market out there, and you deserve the best deal.
With your renewal completed, you can sit back, breathe easy, and give yourself a well-deserved pat on the back (and don’t forget to give your Mortgage Broker BFF one too). You’ve made a smart move!
Start about 4 to 6 months before your renewal date. That gives us time to compare options, request rate holds if available, and plan any changes you want without rushing.
Most lenders allow renewal planning well before maturity
Starting early gives you more leverage
It also gives time for switching lenders if needed
Tell me your renewal date and I’ll tell you exactly when to start.
Sometimes yes, but you should compare first. Renewal offers are convenient, but they don’t always explain the full cost of features and penalties, and they aren’t always the most competitive option for you.
Compare rate, term, and mortgage features
Check prepayment privileges and portability
Review penalties and break costs
Send me your renewal offer and I’ll tell you if it’s solid or sleepy.
Yes. Switching lenders at renewal is common and can help you save money or improve your mortgage features. The process is usually straightforward when we start early.
Switching may involve legal and discharge steps
Approval still depends on your current income and credit
Some lenders offer promotions that offset certain costs
If you’re thinking about switching, I’ll outline the steps and any expected costs.
Fees can include a discharge fee, legal or notary fees, and sometimes an appraisal. In many cases, the new lender may offer cash back or promotions that offset some costs.
Discharge fee from your current lender
Legal or notary fees to register the new mortgage
Appraisal if the new lender requires it
If you want, I’ll estimate the costs and show you whether switching still makes sense.
Sometimes. Some lenders allow early renewal options, but changing your mortgage before maturity can trigger penalties depending on your current terms. The best move depends on your rate, remaining term, and goals.
Early changes can trigger a penalty
Some options blend or adjust rates
Timing matters more than people think
If you send me your maturity date and current rate, I’ll explain your options.
Renewal is choosing a new term and rate when your mortgage term ends. Refinance changes the mortgage amount or structure, like borrowing more, consolidating debt, or extending amortization, and usually requires re-qualification.
Renewal: same balance, new term
Refinance: changes the mortgage amount or setup
Refinance typically requires income and credit review
Not sure which you need? I can tell you quickly based on your goal.
It depends on your comfort level and your plan. Fixed is great for predictability. Variable can be flexible, but you need to be comfortable with potential payment changes depending on the product type.
Fixed: stable payments and easier planning
Variable: can move with the market depending on product
Penalties and flexibility matter too
Tell me your priorities and I’ll recommend the best fit.
Often yes, if you have enough equity and you qualify. Renewal time can be a great moment to set up a HELOC because you’re already reviewing the mortgage structure.
Requires sufficient equity and lender approval
HELOC limits and setup vary by lender
Can help with cash flow and future plans
If you want flexibility without refinancing later, this is worth discussing.
Time to Renew?
Your mortgage renewal doesn’t have to be stressful—actually, it’s a great opportunity to make sure you’re still getting the best deal. Here’s how we’ll handle it together:
Review Time: I’ll take a look at your current mortgage, your financial goals, and any changes in your life since you first signed on. We’ll talk about what’s working, and what’s not.
Shop Around: Just because you’ve been with one lender doesn’t mean you’re stuck there. I’ll do the legwork and check out other offers to make sure you’re getting the best rate and terms available.
Decision Time: Once we’ve reviewed your options, you’ll decide whether to renew with your current lender or switch things up for a better deal. Either way, I’ve got your back!
Seal the Deal: Once you’ve made your choice, I’ll handle the paperwork so you can lock in your new rate and terms without any headaches.
Your mortgage renewal should work for you—let’s make sure it does. Ready to chat? Reach out today, and we’ll get started!
FAQ section
You've got questions. I've got answers.
A mortgage renewal is when your current mortgage term ends, and you need to renegotiate the terms with your lender or consider switching to a new one. It’s also a chance to secure a better rate or adjust your mortgage terms to fit your current needs!
Most people are waiting until they get that letter in the mail that their mortgage is coming up for renewal, but life would be easier for you if we started looking at renewal options 4-6 months before the renewal date. This gives you time to find paperwork, potentially pay off debts, and position yourself in the best way possible to secure an even better mortgage this time around.
Heck no my friend! This is where I come in as your trusted Mortgage Broker. I can have a look at the renewal letter along with the terms, and I will advise you if it's the best option for you, or if we can negotiate a better product to suit your needs.
There are far less fees when renewing compared to refinancing a mortgage, because you aren't breaking a term or adding more money onto the mortgage, you are just signing for a new term. That being said, if you are switching lenders or your lenders policies have changed, you may be asked to pay for an appraisal and there are legal signing fees involved in renewing your mortgage as well. I will help you identify what the fees are before making a decision.
I'd love to say yes, but... well... this question wouldn't be here if it were that simple.
When your mortgage is ready to renew, your current lender will send you a letter hoping that you will just take the easy route and sign it. And sometimes, this is the best course of action (I'm here to help you determine that).
Most of the time there is room to negotiate a better mortgage product (this doesn't always mean rate, this can be other hidden costs in your mortgage that we can move you away from), and it's always best to have a Mortgage Broker who has access to many more products to review and advise on the best course of action.
Start your journey
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