Mortgage Up for Renewal
Carpe Diem—seize the moment to get a better rate and save some cash.
You don’t have to stick with your bank’s offer. Our friendly, expert mortgage brokers can check around for a better deal, and maybe even a better mortgage fit.
Want a Mortgage renewal reminder?
Here’s What You Need to Know About Recent Mortgage Rule Changes
What does this mean for you?
You won’t need to be stress-tested when renewing your mortgage with your current lender—unless you’re looking to refinance.
Have questions or want to explore your options?
We Work Harder for Your Mortgage Renewal to Get You the Best Rate
Your mortgage renewal process starts around 120 days (about 4 months) before the end of your current term. This is a crucial time to explore your options—don’t just sign that renewal offer without talking to us first. Many homeowners stay with their existing bank simply because it feels easier than shopping around, or they think their bank’s offer is the best one. But what if it isn’t?
Seize the moment! Contact me today and let us do the legwork.
Before you lock in for another term, we’ll check around to see if we can save you thousands—or even get you into a better mortgage if your needs have changed. Not sure where to start? Reach out now, or use our Mortgage Renewal Reminder tool to get a heads-up when renewal time is near. This time, get a better rate.
Ever felt like you could've gotten a better rate last time?
You wouldn’t be the first. If you’re dealing with “rate remorse,” we’re here to help.
At Brokers for Life, getting you the best mortgage is our jam (like to eat the stuff too). We make it easy by checking with all lenders, even your current bank—we’re competitive, and we’ve got your back.
We’ll secure the best rate you qualify for with a Real Life Mortgage Solution.
Our advice? Totally free. And we’ll break down your renewal options so you can make a decision with ease.
If you decide to switch lenders or make a change, there might be some paperwork, appraisals, or pre-payment penalties you weren’t expecting. Don’t worry—we know the drill and we’ll guide you through it all, stress-free and fully transparent.
Don’t wait for your bank’s renewal statement. Start exploring your options now.
Here’s how the process goes:
- Your lender may send an early renewal offer (or they may not)
- Legally, they have to send you the renewal offer at least 21 days before your term ends. But three weeks doesn’t leave you much time to really shop around (though we can give you an answer fast!).
Go to your lender and ask for their best offer.
Even if they’ve sent an early renewal. Send me a copy to review to: ariana@brokersforlife.ca
Contact us for all the options—no cost or obligation. We might be able to beat their offer or help you find a mortgage that fits your evolving needs.
You should have all the information to make the best decision for your mortgage renewal or transfer.
Insured and Uninsured Mortgages Can Often Skip the Stress Test at Renewal
When you buy a home, your mortgage is qualified through the federal stress test—checking your ability to afford payments if rates go up by 2% or hit 5.25% (whichever is higher).
At renewal time, though, you won’t need to be stress-tested to stay with your current lender—unless you’re asking for a refinance. Thanks to recent rule changes, many mortgages can now switch lenders and qualify using your current contract rate, not the higher stress test rate. That means you can shop around without the stress.
Thinking about an Early Renewal?
If you’re a year or two out from your mortgage renewal but notice rates are going up or down, you might not want to wait. You can break your mortgage early, but there could be fees or penalties depending on your lender and mortgage product.
Let’s crunch the numbers together and see if breaking your mortgage early makes sense for you. We’ll figure out whether it could save you money in the long run!
Wanna wait, use our Mortgage Renewal Reminder to help, and we will re visit it in 120 days before the renewal date.
