Get the best rate
for your mortgage renewal
Get the best rate
for your mortgage renewal
Specializing in mortgage renewals
When it’s time to renew your mortgage, the last thing you should do is accept the first offer you’re given. Instead, work with a competent mortgage broker to reevaluate and reassess your situation and the market to choose a mortgage that saves you money and gives you the flexibility you need.
It doesn’t matter if you’re hoping to secure a better deal for the family estate or an investment property; renewals are the ideal time to ask your lender for their best deal.
Choosing a new lender might take more time and require more work, but with a mortgage broker on your side, you can save money and find the best mortgage for your needs.
The mortgage market does not stay stationary, and neither do you. Take advantage of the end of your mortgage to see what’s changed and how you can take advantage of newer and better deals.
With you every step of the way for mortgage renewals
Most lenders will let you start the renewal process up to 120 days before the term’s maturity date, so start shopping sooner than later.
Career growth, family planning, retirement, relocating and investing are all serious considerations that require careful planning.
Are you willing to increase your payments? Are you planning a lump sum payment? These questions may affect your mortgage choices.
Be aware of the fees and pitfalls that might await you before choosing a path forward, and work with a mortgage broker to get a professional second opinion.
Make the most of the renewal process
Mortgage renewals are the best opportunity to secure a better interest rate as you will not have to contend with high prepayment penalties. Just remember to start shopping early!
What worked for you in the past may not be the best option in the current market. Take advantage of the growing knowledge that a mortgage broker brings to the table for best results.
Whether you are looking for a shorter or longer term, hoping to reduce your interest rate or gain some much-needed flexibility, mortgage renewals offer you a way forward.
Mortgage refinancing means that you will be ending your mortgage and either switching to a new lender or liquidating the equity in your home.
A mortgage renewal comes at the end of your mortgage term and presents you with the opportunity to continue as before or renegotiate with your lender or a different one.
Mortgage renewal rates can be very enticing, especially after a longer term. It’s also likely that the best lender available before is no longer the right option. However, switching providers takes time and is best done with as much preparation as possible. Work with our mortgage brokers for a balanced and personalized approach.
While it is uncommon, your lender can deny your mortgage if they have any concerns about your financial situation or ability to repay the loan.
We recommend speaking with us before accepting any renewal offers. There are probably better options available, and shopping around may save you thousands in the long term.
You may be charged appraisal, discharge, assignment and legal fees when switching providers or mortgages. Some institutions will waive these fees, but it’s best to be prepared for additional charges. Speak with your mortgage broker for more specific information about your situation.
You can refinance at any time, but the best time to do so is when you renew your mortgage. This will avoid hefty prepayment penalties.
