Mortgage Renewals - Make sure your mortgage still fits your life — not just your renewal date
Don’t sign your lender’s first offer without reviewing your options first.
Congratulations on your maturing mortgage…let us help you get a better rate!
Your mortgage renewal is one of the biggest financial opportunities most homeowners overlook. Many lenders count on clients signing their renewal offer without comparing options — but a quick review could save you thousands over your next term.
Why review your mortgage renewal?
- Compare rates from multiple lenders
- Access renewal options your current lender or bank may not offer
- Lock in a rate up to 120 days early
- Get a lower rate if rates drop before closing
- Switch lenders at no cost
- Adjust your mortgage to match your current goals
Many lenders automatically renew mortgages into posted rates if no action is taken. Reviewing your options before your renewal date can help ensure you’re getting a competitive rate and mortgage product.
What our clients are saying…
“They helped me in a time when my bank was being difficult. I wasn’t even a customer yet, and they took the time to talk to me about renewal options and explained what the terms meant and the pros and cons of each decision relevant to our needs. A way better experience than working with my bank.” – Jason C.
“Excellent customer service. Knowledgeable staff. Friendly and professional. 5 star all the way.” – Lane M.
“Make sure you talk to them before getting or renewing your mortgage. She found us a cheaper rate than anything on Ratehub, with all the flexibility those rates wouldn’t offer. It’s rare to pay the least amount for best service!” – Dustin S.
When should you start your mortgage renewal?
Our lenders allow us to lock in a renewal rate up to 120 days before your maturity date. Starting early gives you time to compare rates, explore options and lock in a rate before markets change.
The best part? If rates drop between our rate hold and your renewal date we can drop your rate to match the best rate of the day!
There really is no downside to starting early.
Your mortgage should still fit your life
Renewal time is a great opportunity to review more than just your rate. Since your last term, your goals or finances may have changed. You may want to:
lower your payments
pay your mortgage off faster
consolidate debt
access equity for renovations
switch from variable to fixed (or vice versa)
adjust your term length
That’s why it’s import to NOT auto-renew with your current lender and make sure you explore all of the options available to you.
Mortgage renewal FAQs
When should I start my mortgage renewal?
Our lenders allow you to lock in a renewal rate up to 120 days before your maturity date. Starting early gives you time to review your options, compare rates, and potentially lock in a rate before the market changes.
Do I need to stay with my current lender?
No. At renewal, you have the option to stay with your current lender or switch to a new one. In many cases, you’ll qualify for a better rate at a new lender as a “new customer” than the renewal rates your current lender offers.
Should I just sign my lender’s renewal offer?
No! Many lenders send renewal offers hoping clients will sign without comparing options. Reviewing your mortgage with a broker can help ensure you’re getting a competitive rate and mortgage product that still fits your goals.
Can I lock in a rate before my renewal date?
Yes! We can rate hold up to 120 days before renewal. If rates increase during that time, your lower rate is protected. If rates decrease, we can access the lower rate.
Can I change my mortgage at renewal?
Absolutely. Renewal is a great time to review your mortgage strategy. You may choose to:
- lower your payments
- pay your mortgage off faster
- change your term length
- switch from variable to fixed (or vice versa)
- consolidate debt
- access equity for renovations or other goals
Do I need to re-qualify to renew my mortgage?
If you stay with your current lender and make no major changes, you can often renew without re-qualifying. If you switch lenders or refinance, income and credit qualification may be required.
What happens if I do nothing before my renewal date?
Some lenders may automatically renew your mortgage into a new term if no action is taken. Reviewing your options before your maturity date helps ensure you don’t miss opportunities for better rates or mortgage features.
How long does the mortgage renewal process take?
Most renewals are fairly simple and can often be completed in a matter of days once your documents are submitted. Starting early gives you more flexibility and less stress.