Should I Just Sign My Lender’s Renewal Offer?
No, contact your mortgage broker first to explore your options and ensure your choosing the best mortgage for your needs.
What happens when my mortgage comes up for renewal?
When your mortgage term ends, your lender will typically send you a renewal offer in the mail or by email. It may look quick and convenient to simply sign the paperwork and send it back.
But in many cases, this renewal offer isn’t the most competitive option available to you.
This is the perfect time to review your mortgage and make sure it still fits your goals and financial situation.
Why should I talk to a mortgage broker before renewing?
A mortgage broker works for you—not the bank.
Instead of being limited to one lender’s products, a broker can compare rates, features, and strategies from multiple lenders across the market. This helps ensure you’re not overpaying or missing opportunities that could improve your financial situation.
Even if you ultimately stay with your current lender, a broker can confirm that you’re getting the best possible deal.
Is my lender’s renewal rate usually the best rate available?
Not always.
Lenders often send renewal offers at rates that are higher than what is available to new customers. Many homeowners sign these offers simply because it’s easy and doesn’t require any paperwork.
By reviewing your mortgage before renewing, you may be able to secure a lower rate or better terms.
Can a broker help me access equity when I renew?
Yes.
Renewal is one of the easiest times to restructure your mortgage if you want to access equity in your home. This could allow you to:
- Consolidate higher-interest debt
- Fund home renovations
- Help children with education or a down payment
- Invest in another property
A broker can help you structure the mortgage in a way that aligns with your long-term financial goals.
Can I change lenders when I renew my mortgage?
Absolutely.
Your mortgage renewal is one of the easiest times to switch lenders because there are typically no penalties involved when your term ends.
A broker can handle the comparison, paperwork, and coordination to make the process smooth and stress-free if switching lenders makes sense.
What if I’m happy with my current lender?
That’s great—and staying with your current lender may still be the best option.
The difference is that by working with a broker, you’ll know you’re making an informed decision. Your broker can review the offer, negotiate on your behalf, and confirm that the terms are competitive.
Does it cost anything to use a mortgage broker for my renewal?
In most cases, no.
Mortgage brokers are typically paid by the lender when a mortgage is funded, so there is usually no cost to you for their service. What you gain is access to advice, options, and expertise that could potentially save you thousands over the life of your mortgage.
What should I do before signing my renewal offer?
Before signing your lender’s renewal paperwork, it’s worth having a quick review of your options.
A short conversation can help confirm whether the offer you received is competitive—or if there are better opportunities available.
Your mortgage renewal is one of the easiest opportunities to improve your mortgage without penalties or major changes.