Renewals
Don't sign the renewal letter on autopilot.
Renewal is the one moment you can switch lenders without a penalty. A quick comparison can save you real money.
Overview
How I can help
When your term ends, your lender sends a renewal offer. It's easy to sign, but it isn't always the best deal available to you.
I'll compare your offer with options from several lenders, explain the differences in rate, term and flexibility, and handle the switch if moving makes sense. If your current lender's offer is best, I'll tell you that too.
Step by step
What working together looks like
Start early
About four months before your date, so we can hold a rate while we compare.
Compare offers
Your lender's offer next to options from several other lenders, in plain words.
Switch, if it's worth it
If another lender is better, I handle the paperwork. Many lenders cover the switch costs.
Plan for next time
I'll check in before your next renewal, so you never sign on autopilot again.
What to have handy
- Your renewal letter or latest mortgage statement
- Your most recent property tax bill
- Proof of income, if you're borrowing more or changing lenders
Please don't email ID or bank statements. I'll share a secure way to send them.
Good to know in Alberta
- Start about four months before renewal. Many lenders hold a rate for around 120 days.
- Switching lenders at renewal, with the same amount and no extra years, usually doesn't require passing the stress test again.
- Borrowing more at renewal is a refinance, which can go up to 80% of your home's value and needs a new approval.
Questions
Renewals: common questions
When should I start looking at my mortgage renewal?
About four months before your renewal date. Many lenders can hold a rate for around 120 days, so starting early gives you time to compare without pressure.
Do I have to pass the stress test again to switch lenders?
Usually not, if you're switching at renewal with the same mortgage amount and not adding years to your amortization. Borrowing more counts as a refinance and does need a new approval.
Does it cost anything to switch lenders at renewal?
There's no prepayment penalty at renewal. There can be legal and appraisal costs, but many lenders cover them when you switch. I'll confirm before you decide.
What if my current lender's offer is the best one?
Then I'll tell you, and you can sign it with confidence knowing you checked.
Keep exploring
Where to next?
Let's talk about your plan.
A free, no-pressure first call. No credit check, no paperwork.