Mortgage renewals often come and go without much thought — but they’re an important opportunity to reassess your financial goals and secure a better deal.
Here’s what to keep in mind when your mortgage renewal is approaching:
- Start Early:
Lenders usually send renewal offers a few months before your term ends. Don’t automatically sign — review your rate and terms carefully.
- Compare Options:
Your current lender isn’t always your best choice. A mortgage broker can compare rates from multiple lenders to find the most competitive offer.
- Consider Your Goals:
Are you planning renovations, paying off debts, or downsizing soon? Your future plans can affect whether you choose a shorter term, lower rate, or more flexible mortgage product.
- Watch for Hidden Costs:
Ensure you understand prepayment privileges, penalties, and fees before committing to a new term.
Taking time to review your renewal could save you thousands — and ensure your mortgage still aligns with your financial path.