Most Canadians simply sign their mortgage renewal letter without shopping around. This loyalty costs them thousands. Here's how to approach your renewal strategically.
Start Early — 4-6 Months Before
Lenders send renewal offers 30-60 days before maturity, hoping you'll just sign. Start shopping 4-6 months early to have leverage and options.
Get Competing Offers
I can shop your mortgage to 30+ lenders in one day. Having competing offers gives you negotiating power with your current lender. Often, they'll match or beat the best offer to keep your business.
Consider Switching Costs
Switching lenders at renewal is usually free — no legal fees, no appraisal costs. The new lender covers these to win your business. However, if you're breaking mid-term, penalties apply.
Don't Focus Only on Rate
The lowest rate isn't always the best deal. Consider:
- Prepayment privileges (can you pay extra?)
- Penalty calculations (some lenders have punitive penalties)
- Portability (can you take it to a new home?)
- Blend-and-extend options
Renewal coming up? Let me negotiate on your behalf. Call Sam at 647-784-7924.