What To Do With Your Mortgage Renewal

When your mortgage term is coming to an end, your current lender will typically send you a mortgage renewal offer. Many homeowners simply sign and return this offer, but it is important to take a moment to review your options before doing so.

Your renewal offer will usually include the new interest rates and term options available from your current lender. While it may seem convenient to accept the offer right away, these rates are often not the most competitive available in the market.

This is a great time to review your mortgage and make sure it still fits your financial goals. Over the past few years your situation may have changed. You may have built equity in your home, improved your income, or have new financial priorities that should be considered.

Speaking with a mortgage broker during your renewal period allows you to compare options from multiple lenders. In many cases, you may be able to secure a better rate, more flexible terms, or restructure your mortgage in a way that better supports your long term plans.

Mortgage renewal is more than just signing a new term. It is an opportunity to review your strategy and make sure your mortgage continues to work for you. Taking a few minutes to explore your options could potentially save you a significant amount of interest over time.