Don't Just Accept Your Renewal Offer
Your mortgage renewal is one of the best opportunities to save money. Most homeowners simply sign their lender's renewal offer without shopping around, potentially costing thousands in unnecessary interest.
Why Shop Your Renewal?
- Lenders often don't offer their best rates in renewal letters
- No appraisal or legal fees when transferring to new lender
- Market rates may be significantly lower than your renewal rate
- Your financial situation may qualify you for better products
- No penalties to switch at renewal time
Renewal vs. Transfer
Renewal: Continue with your current lender
Transfer: Move your mortgage to a new lender with better rates or terms
Transfers at renewal involve no penalties and minimal costs, making it the perfect time to find better deals.
When to Start Shopping
Begin researching rates 120-180 days before your maturity date. This gives you:
- Time to compare multiple offers
- Negotiating power with current lender
- Ability to secure rate holds with new lenders
- Options if your situation has changed
What to Look For
- Interest Rate: Compare current market rates
- Payment Flexibility: Pre-payment privileges, payment frequency options
- Penalties: IRD vs. 3-month interest for breaking
- Portability: Ability to transfer mortgage if you move
- Features: Skip-a-payment, cash-back, other benefits
Special Renewal Situations
Life Changes:
Divorce, income changes, or credit issues? We work with lenders who consider your current situation, not just your past.
Equity Growth:
If your home has appreciated, you may qualify for better rates or products. Consider accessing equity for renovations or investments.
Debt Consolidation:
Use renewal as opportunity to consolidate high-interest debt and improve cash flow.
How We Help
- Shop 30+ lenders for best rates and terms
- Negotiate with your current lender
- Handle all transfer paperwork
- Explain pros and cons of each option
- Ensure smooth transition with no missed payments
Ready to Renew Smarter?
Get Your Renewal Quote or contact us 120 days before your maturity date.