Is your mortgage coming up for renewal? What steps should you take to ensure you get the best rate and product?


1. Are you being offered the best rate? Often the first offer isn’t the Lender’s best offer – a Broker can give you some insight into current market rates and help you negotiate with your current Lender.

2. Most likely if you are doing a straight renewal with no new funds being taken you don’t need to re-qualify, you can just accept the new mortgage term and rate the Lender is offering you. (NO LINE BREAK) IF your Lender has said they won’t renew your mortgage or is asking a lot of questions about your current situation – get in touch with your Broker right away.

3. It’s always an option to switch to another Lender to get a better interest rate and a Broker can help you do this and often save you thousands in interest. Please be aware that you do need to qualify with this new Lender and the process involves a new mortgage application, credit check, income documents and if you need new funds an appraisal is likely.

4. Do you want to take out any of the equity in your home? Perhaps your home has gone up quite a bit in value and you want to access some funds to make home improvements, investments or pay down some debt. A renewal may be the perfect time to do this with little or no fees. Please be aware that any change in mortgage amount or Lender entails a new mortgage application, credit check, income documents, appraisal etc.

5. What are your plans for the next 5 years? Are you planning on selling your home, do you anticipate a move to another area or Province? All of these factors will determine what new term and type of product you should accept.