Is Your Bank’s Offer Really the Best?
When your mortgage term ends, most lenders count on you to accept their first renewal offer without question. This convenience can cost you. A mortgage renewal is your chance to renegotiate from a position of power. We leverage our network of lenders to ensure the rate and terms you get are the best the market has to offer.
Maturity Date
Your mortgage term typically ranges from 1-10 years. When it expires, you need to renew for another term or pay off the remaining balance in full.
Lender Communication
Your current lender will send you a renewal offer 30-120 days before maturity. This is their opening offer, not necessarily their best one.
Negotiation Opportunity
This is your chance to negotiate. We’ll shop the market with multiple lenders to ensure you get the most competitive rate and terms available.
The New Contract
Once you accept an offer, you’ll sign a new mortgage contract for another term, potentially with different rates, terms, or even a different lender.
Finding the Best Rates
Don’t accept the first offer. We have access to rates from multiple lenders and can often secure better terms than your current lender’s initial offer.
Choosing Your Term Length
Consider current rate trends, your financial situation, and future plans when choosing between shorter terms (more flexibility) or longer terms (rate protection).
Adjusting Your Payments
Renewal is a perfect time to adjust your payment schedule, increase payments to pay off your mortgage faster, or modify your amortization period.
Your Amortization Period
Review your remaining amortization. You might want to maintain your current schedule or accelerate payments to become mortgage-free sooner.
Mortgage Renewal
Renewal means signing a new contract for another term with your current mortgage balance. It’s typically a simple process with minimal costs and no new qualification requirements.
Mortgage Refinancing
Refinancing creates an entirely new mortgage, often for a different amount. This allows you to access equity, change lenders, or significantly modify your mortgage structure.
When to Consider Refinancing
Consider refinancing if you need to access equity for renovations, debt consolidation, or investments, or if you want to break your current terms before maturity.
See How Much You Could Save
Enter your current mortgage details and the rate your lender offered. See how even a small rate difference can impact your payments and total interest paid.
My bank sent me a renewal offer that seemed reasonable, but I’m glad I called Mona. She found me a rate that was significantly lower, saving us over $200 a month. Her advice was invaluable.
