Renewing Your Mortgage? You Have More Options Than You Think
When your mortgage comes up for renewal, you’re not limited to the offer your lender sends you. This is a chance to review your options and make sure your mortgage still fits your situation.
This Might Sound Familiar
Your mortgage renewal is coming up
You’ve received a renewal offer from your lender
You’re not sure if the rate or terms are competitive
Your financial situation has changed since your last term
You’re wondering if it’s worth looking at other options
If this sounds like you, this is the right time to take a closer look before signing anything.
What Are Your Options at Renewal?
When your term ends, you typically have three main paths. The right one depends on your goals, not just the rate you’re offered.
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This is the simplest option. Your lender will send you a renewal offer, and you can accept it with minimal effort.
The trade-off is that these offers are not always the most competitive.
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You can move your mortgage to a different lender at the end of your term, often with better rates or terms.
This usually requires re-qualifying, but there is typically no penalty at renewal.
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If you want to do more than just renew or switch, refinancing allows you to change your structure, access equity, or consolidate debt.
How We Approach This
The goal isn’t just to renew your mortgage. It’s to make sure you’re making the right decision based on your current situation.
Some people are best off staying with their lender. Others benefit from switching or refinancing. The key is reviewing everything before committing.
What We’ll Do
Review your current lender’s renewal offer
Compare it against other available options
Help you understand the differences in cost and flexibility
Recommend the option that best fits your situation
A Few Important Considerations
You are not required to accept your lender’s renewal offer
Switching lenders usually requires re-qualifying
The lowest rate is not always the best overall option
This is one of the few times you can make a change without penalty
Not Sure What to Do at Renewal?
Most people aren’t—and that’s completely normal.
A quick review can help you understand whether it makes sense to stay, switch, or make a bigger change.