Your Mortgage Renewal is an Opportunity

You should start shopping for your mortgage renewal 120 days (4 months) before your current term ends. This gives you time to compare rates, lock in a rate hold, and complete any paperwork without rushing. Starting early also protects you from rate increases while still allowing you to benefit if rates drop.

No! At the end of your mortgage term, you can switch lenders without penalty. The new lender typically covers all the costs including legal fees and appraisal fees. This makes renewal the perfect time to shop around - you have nothing to lose and potentially thousands to save.

Banks count on you signing without shopping around. Their renewal offers are often 0.5% to 1% higher than what you could get elsewhere. On a $400,000 mortgage, that's $2,000 to $4,000+ per year in extra interest. Always compare your bank's offer against other lenders before signing.

Fixed rates stay the same for your entire term, giving you payment predictability. Variable rates fluctuate with the prime rate and are typically lower initially but carry more risk. The best choice depends on your risk tolerance and market conditions. Our brokers can help you analyze what makes sense for your situation.

Yes! Renewal is an excellent time to access your home equity for renovations, debt consolidation, investing, or other purposes. Since you're already going through the mortgage process, you can increase your mortgage amount (up to 80% of your home value) and access cash at mortgage rates, which are much lower than credit card or personal loan rates.

Mortgage brokers work for you, not the lenders. They have access to 50+ lenders and can quickly compare rates and terms to find your best option. Brokers often get access to rates that aren't available directly to consumers, and their services are typically free to you (lenders pay them). They also handle all the paperwork and negotiations on your behalf.