Looking to secure the best rates and terms for your mortgage? Renewing your mortgage gives you an opportunity to reassess your financial situation and lock yourself in more favorable conditions.
Our experienced mortgage brokers have access to a wide range of lenders, helping you compare your options and choose the one that fits your needs. By renewing your mortgage, you can not only get the best interest rates but also renegotiate key loan terms. We assist in comparing:
To ensure you get the best deal, mark the date your mortgage term ends on your calendar. Begin the renewal process 120 days before the end of your term this is the ideal time to secure early renewal rates. Most lenders allow early renewal with no prepayment penalty. Even before you meet with your lender or mortgage broker, you can start by researching available mortgage rates, prepayment options, and other terms online. This will give you a strong position when it's time to negotiate.
Major life changes such as bankruptcy, job loss, or retirement can affect your finances. Take stock of your financial situation to determine whether the renewal terms align with your long-term objectives.
As your mortgage term nears its end, your lender is required to send you a renewal notice at least 21 days before your term expires. However, you can usually receive a renewal offer with the best available rate 30 days in advance.
After reviewing all options, take action. Weigh your financial goals, the terms of your mortgage, and the renewal offer from your current lender. Once you're ready, choose the best option for your needs.
Do your research to find out which lenders offer the best rates and terms. Knowing your options ahead of time will give you the confidence to negotiate the best deal.
Along with your other financial goals, you should make a list of what you’re looking for in a mortgage product. To start, ask yourself a few questions:
"You may as well hand your wallet over to the granter," says a buyer. If you identify that your current lender has the best mortgage features, advice and policies, ask your bank to match a competitor's lower rate.
"If you don't come right out and ask for a better rate, you won't get one," says a real estate lawyer in Toronto. He also claims that banks might be more desirous of lowering your rates if you transfer over other accounts or investments, such as an RRSP. Don't just fixate on the interest rate. The amortization period, the rate type (fixed or variable) and the flexibility of the payment schedule can be crucial to lowering your costs.
