At renewal, you can renegotiate everything pertaining to your mortgage – with no penalties.

Renewal is also a great time to save money, that’s why it’s important to investigate your options and make sure you are getting the best possible deal. Auto-renewing your mortgage and not getting fully discounted rates could cost you hundreds of dollars each month.

Mortgage renewal is an important time to determine:

• Whether you should consider a fixed or variable rate mortgage, increase or decrease your payments, or take advantage of prepayment privileges to pay your mortgage off faster.
• If it is an option for you to roll your high-interest credit cards and other debt into your mortgage to get one lower payment, boost your monthly cash flow, and save on interest costs.
• If it makes sense to take some equity out for renovations or a major expense ahead, your mortgage could be your best choice for lowest-cost funds.

Many of the lenders that we work with will provide a 120-day rate guarantee for pre-approved clients to protect them against a possible rise in mortgage rates.

We work for you so we can always make sure you are in the best position possible. When you are six months from renewal, be sure to contact us so we can review all of your options and strategies, not just those presented by your current lender.

Don’t renew your mortgage with your eyes closed! There are some great options out there – from a wide range of lenders; let us help you look around.