That’s why I encourage homebuyers to get pre-approved well before they’re ready to purchase, and why I recommend homeowners start reviewing their mortgage about four months before renewal.

Sometimes, planning ahead simply gives you more options.

Other times, it gives you access to opportunities that aren’t available once your mortgage is only weeks away from renewing.

Right now is one of those times.

A lender is currently offering a limited-time special on 3-year fixed mortgages for eligible purchases, mortgage switches and certain refinances.

The promotion is available for applications submitted before August 24, 2026, and your mortgage must close within the required timeframe.

If you’re buying a home or your mortgage is coming up for renewal, this is a great time to explore your options.

But the interesting part isn’t just the rate.

It’s what those rates could allow you to do.

If your mortgage was originally insured…

If you purchased your home with less than 20% down, your mortgage is considered insured.

When that mortgage comes up for renewal, you may be able to switch it to another lender without paying the default insurance premium again, provided you qualify for the new mortgage.

Right now, eligible insured mortgages can access some very competitive rates, including:

• 3.94% 3 yr fixed, for eligible insured mortgage switches
• 3.94% 3 yr fixed, for eligible home purchases with less than 20% down

For many buyers—especially first-time homebuyers who combine a 30-year insured amortization—this can be an excellent opportunity to secure a competitive rate while keeping monthly payments manageable.

If your mortgage is conventional…

If you have more than 20% equity in your home—your mortgage is conventional.

Eligible conventional mortgage switches are currently available around 4.14% on a three-year fixed term.

At first glance, many people compare only the interest rate.

The first question isn’t “What’s the rate?”

The better question is: “What do you need your mortgage to accomplish over the next three -five years?”

What monthly payment works best for your life today?

Here’s an example.

Let’s assume you have:

• $500,000 remaining on your mortgage
• Your current rate is 2.94% and renewing this year
• Because you’ve been paying it down aggressively, you’re now down to an 18-year amortization

At renewal, you might receive an offer to stay with your current lender at 3.99%, keeping your remaining 18-year amortization.

Or…

You might decide to move your mortgage to another lender at 4.14%, while restructuring your amortization back to 25 or even 30 years.

Yes, the interest rate is slightly higher.

But your monthly payment could be significantly lower.

For some families, improving monthly cash flow today creates far more flexibility than saving a fraction of a percent on the interest rate.

Neither choice is automatically better. It depends entirely on your goals.

That’s because your amortization has just as much impact on your cash flow as your interest rate.

For some homeowners, saving $700 or $800 each month creates the flexibility they need today. For others, paying the mortgage off sooner is the higher priority.

Neither strategy is right or wrong. The right strategy depends on your goals.

Every mortgage term has a different job.

Your first mortgage may have been about simply buying your first home.

Your next term may have been about starting a family or renovating a home.

Perhaps another term was focused on paying down debt as quickly as possible.

Maybe this next term is about creating a little more breathing room while navigating today’s higher borrowing costs and the rising cost of everyday living.

And later, you may decide it’s time to become aggressive again and accelerate your mortgage repayment.

The important thing is recognizing that your mortgage strategy should evolve as your life changes.

Don’t forget about variable rates.

For conventional mortgages, I’m also seeing variable rates around 3.69%.

That’s approximately 0.45% lower than the conventional 3-year fixed special, which may make it worth considering if you’re comfortable with the potential for payment fluctuations.

No one has a crystal ball, and I never recommend choosing a variable mortgage simply because you expect rates to fall.

But if you’re comfortable with payment fluctuations and understand the risks, it may be worth exploring alongside a fixed-rate option.

The Bottom Line

This isn’t really about one lender’s promotion.

It’s about understanding your options before your renewal arrives.

Sometimes staying with your current lender makes perfect sense.

Sometimes moving your mortgage creates better cash flow.

Sometimes shortening your amortization is the right strategy.

Other times, extending it temporarily gives you the flexibility you need today while leaving room to become more aggressive in the future.

Because a mortgage isn’t just a loan—it’s part of your financial plan.

It’s the one that best supports your goals.

If your mortgage is renewing in the next few months—or you’re thinking about purchasing a home—I’d be happy to review your options with you.