Mortgage Renewal

If you owe your mortgage at the end of its current term, you must renew it, meaning you have to choose a new rate and term. You’ll receive a mortgage renewal statement in the mail from your current lender at least 120 days before your term is up.

If you’ve got a little less than 120 days before your mortgage term ends, no problem. However, if you’re a little further out, we can determine the best date to set a phone reminder to help you stay on top of it.

About 120 days before your current mortgage term matures, it’s wise to start exploring your options, as your renewal period will significantly impact your future mortgage and finances.

Around this time, you'll also receive a letter from your lender giving you the option to sign it and send it back for an easy renewal of your mortgage. It may look risk-free, but it's not. Whatever you do, don't sign it without doing your homework first, as this may not be the best interest rate and conditions available to you.

Contacting a broker could save you real money over the next several years.

The great news is, you don’t need a math degree to realize the scope of possible savings. Let’s do some napkin math. By improving the rate of a $500,000 mortgage by 0.1%, you could save around $500 a year. Now carry that over to the number of years of your upcoming term. You get the picture.

What rate and how long of a term do I choose? Finance questions like this don't have to be complicated, and switching lenders may be easier than you think. Let's explore the possibilities together—at no extra cost to you.

I’ll help you explore your options, put the comparisons into perspective and let you make the call that’s right for you. You can count on me to help make your decision as stress-free and transparent as possible.

Get your better mortgage renewal


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My Process

Introductory conversation

Introductory conversation

We start with an initial conversation to understand your circumstances and goals. I'll then send you a link to my online application portal. This helps gather basic details and narrow down which documents we’ll need to support your file.

Supporting documents

Supporting documents

After a brief review, a second link will take you to a document upload portal. Here, you'll get a list of what we’re going to need and an option to upload each.

Rates and options

Rates and options

Having taken a deeper dive into your details, we'll have a follow-up call to discuss options and the next steps to give you a clear picture of what to expect. We’ll take some time to run scenarios and address any questions you might have

Approval

Approval

Once we’ve agreed on the best path forward, we’ll typically take a few days to arrange your approval at the terms we’re looking for. We will then review the commitment letter together with you to ensure you’re getting the best possible deal with all the right details.

Lender conditions

Lender conditions

We collaborate with the rest of your team, such as your realtor and lawyer, to streamline the process of getting the bank what they need to line us up for the day of closing.

Closing

Closing

Any last-minute issues require us to be on standby to ensure we meet our deadlines and facilitate any issues that may arise.

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A home equity line of credit (HELOC) is secured credit. Your home acts as a guarantee that you will repay the money you borrowed.

Up to a maximum credit limit, you can borrow money, repay it at your discretion, and borrow again. It typically comes with higher rates than their regular mortgage counterparts. You can best use them for consolidating short-term and/or recurring costs.

There are other factors to consider, and every situation is different. Talk to a professional to help weigh your options.

Mortgage refinancing involves replacing your current mortgage with a new one. With a newly approved loan, there may be different terms, but the most common trade is a lower interest rate. Refinancing is a wise decision if it saves you money, allows you to build equity, repay your mortgage faster, or uses your home’s equity if you need cash. It’s also best used when consolidating long-term debt as you win on the difference in interest.

There are costs and benefits to refinancing. A great place to start is to talk to a professional to help weigh your options.

Short of using cash, you'll likely reach for some credit options. Current market conditions may permit this, or they may not. A few avenues exist to help you use your home's equity to do renovations.

Aside from a “plain vanilla” refinance (replacing your current mortgage with one that has a lower interest rate) or a home equity line of credit, you can also consider a Refinance Plus Improvements mortgage.

A Refinance Plus Improvements mortgage is a credit product that lets you refinance and get an additional advance to cover the costs of a renovation project once it's complete. It’s all under the same rate and agreed upon ahead of time

Paying off your mortgage earlier is sometimes the byproduct of a lucky lottery draw. We often see people break their mortgages when changing properties or refinancing.

When you prepay a mortgage before its term is up, you incur a series of charges, the foremost of which is a prepayment penalty. The amount depends on your current rate, the term, and the type of product you currently have.

Speaking to a broker may shed light on what that penalty looks like and put your plans into perspective.

In today’s market, as early as possible. Most lenders can hold rates for up to 120 days. An early discussion with a mortgage professional can help you narrow down the term and rate type that works best for you and focus your search.

Your current mortgage lender will offer a “sign-and-forget” option—a letter asking you to sign and send back for an easy renewal of your mortgage. However, statistics show those rates are rarely competitive in the market. Don't sign it without doing your homework first, as this may not be the best interest rate and conditions available to you.