Renew your mortgage with the future in mind

Your renewal is an excellent time to evaluate your options, because you won’t pay any fees for breaking your mortgage if another lender offers a better product for you. A few things we can look into at renewal time include:

• Securing a lower interest rate, even if you want to stay with the same lender. Mortgage brokers have access to rates that aren’t available to the public, and your lender will rarely offer you their best rate up front.
• Switching lenders and/or your mortgage product. Five years is a long time. Maybe your family dynamic has changed, or you’ve decided to start your own business. Whatever the case, the same mortgage product may no longer be the best fit for your needs. 
• Accessing the equity in your home to consolidate your debt or help you reach your long-term financial goals.

Renewing your mortgage can take a few months depending on your current lender. To avoid having to renew into an open term (at a higher rate), we recommend starting the process at a minimum 3 months before your renewal date.