Your mortgage is coming up for renewal? Don't just sign your lender's renewal letter! Get expert guidance to save thousands and secure the best rate in Canada.
Understanding the renewal process and your options in the Canadian mortgage market
At the end of your mortgage term (typically 1-5 years), you need to renew your mortgage. Your current lender will send you a renewal letter, but you're NOT obligated to stay with them. This is your opportunity to shop around and potentially save thousands.
Your existing lender often offers their posted rate (typically higher), banking on your convenience. A mortgage broker can access 50+ lenders to find you better rates and terms - at no cost to you.
Start shopping for rates. This is when you can lock in without penalties.
Receive renewal letter from current lender. Don't sign yet - compare first!
Your new term begins. Switch lenders or renew with existing lender.
Compare your choices and make an informed decision
I'll compare 50+ lenders and negotiate on your behalf - all at no cost to you. Get your free renewal quote in 24-48 hours.
Get Free Renewal QuoteThese situations make switching particularly beneficial
If another lender offers 0.25% or more lower rate, switching can save you thousands. Even small rate differences add up over a 5-year term.
Want better prepayment privileges? More flexible payment options? Lower penalties? Switching gives you access to better mortgage features.
Renewal time is perfect to refinance and access your home equity for renovations, debt consolidation, or investments - up to 80% LTV.
Carrying high-interest debt? Rolling it into your mortgage at renewal can save you 10-15% in interest and simplify your finances.
Unhappy with your current lender's customer service, slow responses, or rigid policies? Renewal is your chance to find a better fit.
Switch from variable to fixed (or vice versa) based on current market conditions and your financial goals without penalties at renewal.
Important: Switching lenders at your renewal date is penalty-free! You won't face any discharge fees or IRD penalties. The new lender typically covers legal and appraisal costs as well.
Simple, fast, and designed to get you the best rate
Reach out as soon as your renewal is 4 months away. This gives us time to shop rates, compare lenders, and lock in the best deal before rate changes.
I'll access my network of banks, credit unions, and alternative lenders to find you the best rate and terms. I compare not just rates, but also prepayment options, penalties, and features.
Within 24-48 hours, I'll present you with the top 3-5 options from different lenders. I'll explain the pros and cons of each, answer all your questions, and help you make an informed decision.
Renewals require minimal paperwork - typically just proof of income and property tax statement. I'll guide you through what's needed and help you gather everything quickly.
Once you choose your lender, I'll submit your application and get you approved. We can lock in your rate up to 120 days before your renewal date to protect against rate increases.
Everything is coordinated behind the scenes. On your renewal date, your new mortgage begins automatically. If switching lenders, the new lender handles the transfer - you don't lift a finger!
Don't make these costly errors that Canadian homeowners often make
The #1 mistake! Just signing your lender's renewal letter without comparing rates can cost you $5,000-$15,000 over your term. Always shop around.
Better Approach: Start shopping 120 days early and compare at least 3-5 lenders.
Starting your search 2-3 weeks before renewal leaves you no time to negotiate or shop properly. You'll feel rushed and may miss better deals.
Better Approach: Contact me 120 days before your renewal date for best results.
The lowest rate isn't always the best deal. Prepayment penalties, payment flexibility, and mortgage features matter just as much as the rate itself.
Better Approach: Compare the full package - rate, features, penalties, and flexibility.
Many homeowners don't realize renewal is the perfect time to shorten your amortization and pay off your mortgage faster without penalties.
Better Approach: Discuss amortization options to save thousands in interest.
Renewal is an opportunity to access your home equity for renovations or debt consolidation at great rates - without refinance penalties.
Better Approach: Ask about accessing equity if you have high-interest debt or renovation plans.
While variable rates can save money, renewal is the time to reassess your risk tolerance and financial situation. Consider rate stability vs. potential savings.
Better Approach: Discuss fixed vs. variable based on current market and your needs.
With my expertise and access to 50+ lenders, I'll help you navigate the renewal process and avoid these costly mistakes.
Don't leave money on the table. Let me shop 50+ lenders and negotiate the best deal for your mortgage renewal.