Mortgage Renewals
Unlock Better Rates & Options When Your Mortgage Matures
Congratulations on reaching your mortgage maturity date! A maturing mortgage is a major financial milestone and one of the best opportunities you'll have to lower your interest rate, shorten your payoff timeline, or restructure your terms.
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Don't Just Sign Your Bank's Mortgage Renewal Notice
When your mortgage term comes to an end, your current bank will send a renewal offer in the mail. Studies show that roughly 70% of Canadian homeowners sign and return their bank's renewal letter without shopping around.
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While signing is convenient, banks rarely offer their lowest interest rates on standard renewal notices. Automatically renewing could cost you thousands of dollars in unnecessary interest payments over your next term.
Why Shop Your Mortgage Renewal With an Independent Agent?
Instead of accepting your lender's default rate, let top Canadian financial institutions compete for your business. As an independent licensed mortgage agent, I shop your renewal across over 50 major banks, credit unions, trust companies, and monoline lenders across Ontario.
• Lenders Compete for You: Spark a bidding war to win the most favorable rates and terms.
• Personalized Strategy: Recalibrate your home loan to match your lifestyle evolutions and long-term financial goals.
What to Evaluate Before You Renew
- Can you lower your interest rate? Secure competitive fixed or variable mortgage rates that beat your current bank's offer.
- Do your prepayment privileges fit your goals? Ensure you have the flexibility to make lump-sum payments or increase your regular installments without penalties.
- Are your financial needs changing? Adjust your payment frequency (bi-weekly vs. monthly) or consolidate other debt into your renewed mortgage.
- Is switching lenders free? In many cases, transferring your mortgage to a new lender at renewal costs you $0 in lender fees.