Mortgage Renewals

Don't accept your lender's renewal offer automatically. When your mortgage term expires, you have options. We'll shop the market and negotiate the best rate for you, potentially saving thousands of dollars.

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What is a Mortgage Renewal?

A mortgage renewal occurs when your mortgage term ends. Your lender will typically send you a renewal offer 120 days before your term expires. You have the option to accept their offer, shop with other lenders, or negotiate with your current lender.

Many borrowers simply accept their lender's renewal offer without shopping around. This is a missed opportunity—you could save thousands by comparing rates and negotiating.

Timeline:

120 Days Before: Lender sends renewal offer
60-90 Days Before: Best time to shop rates
At Maturity: New mortgage takes effect

Potential Savings:

A 0.5% rate reduction on a $400,000 mortgage saves approximately $2,000 per year
Over a 5-year term, that's $10,000 in savings—just from shopping around!

Renewal Strategies

Shop the Market

Don't assume your current lender has the best rate. We'll shop multiple lenders to find you the lowest rate available.

Compare rates from 5+ lenders
No application fees
No credit impact
Transparent comparison

Negotiate with Your Lender

Your current lender wants to keep your business. Use competing offers to negotiate a better rate.

Loyalty discounts available
Waived fees possible
Better terms negotiable
Quick approval process

Switch Lenders

If another lender offers a significantly better rate, switching is straightforward and costs are minimal.

Simple transfer process
Minimal legal costs
No penalty at renewal
Same property, new lender

Early Renewal

If rates have dropped significantly, you may want to renew early. We'll calculate if the penalty justifies any early renewal makes sense.

Lock in lower rates
Penalty analysis included
Break-even calculation
Peace of mind