A mortgage renewal happens when your current term ends and you choose new terms for your remaining balance. It helps to treat renewal as a fresh decision, not an automatic signature, because your lender's renewal offer is rarely their best available option and almost never compares the wider market for you.
At renewal you can usually switch lenders without a new stress test on a straight transfer, renegotiate your amortization, and fix parts of your mortgage that no longer suit your life. A short review before you sign can save thousands over the next term.
We look at your current mortgage, your renewal offer, and what has changed in your life and finances since you signed.
I compare your lender's offer against other lenders for rate, penalties, prepayment privileges, and flexibility, in writing.
If your lender matches the market, staying is simplest. If not, we arrange a transfer, which on a straight switch usually has no lender fees.
Your new term starts on your renewal date with no gap in coverage, and a plan for payments and prepayments that fits your budget.
Exact requirements depend on the lender and your situation. I confirm your list on our first call so you gather everything once.
Banks know many people sign the mailed offer without checking. That first offer is commonly higher than what the same bank would offer if you asked, and higher than the market.
Many lenders let you lock in a renewal rate up to 120 days before your term ends. Starting late removes your negotiating power and your switching options.
If there is any chance you will move, refinance, or sell during the next term, penalty structure and portability matter as much as the rate itself.
Renewal is the one penalty-free moment to change lenders, adjust amortization, or roll in debt. Signing without reviewing wastes that free opportunity.
Book a free consultation. We look at your numbers together, in plain language, with no pressure and no cost to you.
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