Date: April 19, 2021

What is a mortgage renewal? This is when you are nearing the end of your mortgage term and you have to make a decision as to what to do for your next term.

In order to help you make that decision, here is a list of things to know and consider 6 months prior to your renewal date


We call this sleepwalking past your renewal.

Auto renewing means that you just took what the lender offered without even looking at your options.

In all honestly the auto renew option is never your best option.


Or better yet, your mortgage broker has called you – so give them a call back.

Renewal time is when we will review your options and let you know what the best rates and options are for your particular situation to prepare you for your upcoming renewal.

Did you know that often times, we are able to help you secure a much lower rate than the one that was offered to you by your current lender? Often times, we are also able to get you a lower renwal rate even with your same lender. This is why it is imparative to connect with us to ensure that you are obtaining the best product for your mortgage needs. We are able to hold your rate up to 120 days (that four months) prior to your renewal date. If rates decrease within that time, we are able to secure you that lower rate. To add a little perspective on how important it is to lock in your rate, If you’re up for renewal in April and we had connected back in January you would have been able to lock in rates as low as 1.59% for a 5 year fixed? Today, that same product is 2.09%


Did you know that at renewal, you have the option to renew the current mortgage with a new term or you can refinance your mortgage with no penalty.

Refinancing would be an option if you are looking to borrow against the equity in your home (which thanks to today’s real estate values, the equity in peoples homes have dramatically increased). This means that renewal is one of the best times to review your options and borrow the additional funds you need to make upgrades in your home, purchase a car, buy a second home- The funds are available to you from your equity at a much lower rate than if you were to borrow it on an unsecured line of credit or loan.

So the moral of today’s lesson. If you’re up for renewal within the next six months, connect with us and we can work out your options. This is what we do everyday, so call an expert and let me help you. There is never any pressure when you call me and if you know me well, you know that I will always be honest about your options and to stay the course if it’s in your best interest. Check out your renewal date, be ontop of your mortgage so you don’t blindly accept a poor renewal with your current lenders.

I look forward to connecting with you and working out your options.

Until next time, have a fantastic week