
Renewals
Renewing or switching your mortgage to another lender at the end of your term can offer several financial and strategic benefits. Here's a breakdown of the key advantages:
✅ 1. Better Interest Rates
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Switching lenders at renewal often allows you to negotiate a lower interest rate, especially if rates have dropped or your credit profile has improved.
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Even a small rate difference can save you thousands over the life of your mortgage.
✅ 2. No Penalties at Renewal
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If you're switching at the end of your term, there are no prepayment penalties—you’re free to move to a better lender with zero cost (except minimal legal or administrative fees, which are sometimes covered by the new lender).
✅ 3. More Flexible Mortgage Features
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Switch to a lender offering:
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Prepayment privileges
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Portability options
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Skip-a-payment features
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Accelerated payment schedules
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✅ 4. Access to Better Customer Service or Tools
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Some lenders offer superior online tools, customer support, or even mobile apps to manage your mortgage easily.
✅ 5. Opportunity to Refinance
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You can increase your mortgage amount at renewal (known as a blend and extend or refinance) to:
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Consolidate debt
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Fund renovations
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Invest in other opportunities
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✅ 6. Improve Your Mortgage Strategy
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Tailor your new mortgage to match your goals:
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Choose a shorter or longer amortization
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Opt for fixed or variable rates
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Align your mortgage term with future plans (like selling or retiring)
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