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

1. Switching lenders at renewal often allows you to negotiate a lower interest rate, especially if rates have dropped or your credit profile has improved.

2. Even a small rate difference can save you thousands over the life of your mortgage.

 

✅ 2. No Penalties at Renewal

• 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

• Switch to a lender offering:

  • Prepayment privileges

  • Portability options

  • Skip-a-payment features

  • Accelerated payment schedules

 

✅ 4. Access to Better Customer Service or Tools

• Some lenders offer superior online tools, customer support, or even mobile apps to manage your mortgage easily.

 

✅ 5. Opportunity to Refinance

• You can increase your mortgage amount at renewal (known as a blend and extend or refinance) to:

  • Consolidate debt

  • Fund renovations

  • Invest in other opportunities

 

✅ 6. Improve Your Mortgage Strategy

• Tailor your new mortgage to match your goals:

  • Choose a shorter or longer amortization

  • Opt for fixed or variable rates

  • Align your mortgage term with future plans (like selling or retiring)