Mortgage Renewal Options


At the end of your mortgage term, you have the opportunity to assess your current mortgage and how it fits to new or current financial goals. You will receive a mortgage renewal statement in the mail, that you can easily sign back. However, I recommend taking a proactive approach to your mortgage renewal. Here are some tips to help with your mortgage renewal:


Start shopping for your mortgage 4 months prior to maturity date. This will give you sufficient time to research your options with a mortgage agent or broker, or online research. You can review what lenders are offering – mortgage rates, prepayment options, and other terms and conditions.

A lot can happen during your current mortgage term, such as, a growing family, you received a raise, you have outgrown your current home. Your financial goals when you started the current mortgage no longer match your goals today or future goals. Match your new mortgage product with your needs. Questions you may ask:

  • Will you sell your home and/or move in the next 5 years? We can review if the mortgage is portable or assumable.
  • Do I need to refinance the mortgage to borrow during the next term? We can review the refinance options and/or penalties for breaking the term. Is it a standard charge or collateral charge?
  • With an increase in income, or inheritances, will you pay down the mortgage? We can review the prepayment options.
  • Should you choose a variable or fixed rate? Let’s review the advantages and disadvantages of either option.

Be ready to renew in the last 30 days. Let’s discuss what lenders are offering, and choose the right mortgage that suits your needs.