When arranging a mortgage for the first time Canadians spend a lot of time and effort shopping around mortgage but when it is time for a renewal, about 60% of borrowers sign the first offer made by their lender without hesitation or shopping around for better interest rates.

Homeowners should negotiate the offer made by the existing lender and never accept the first rate that they offer. It will cost you a lot of money if you Sign up for the market rate on your renewal.

We Make Renewals Easy!

Start shopping around between four to six months before your current mortgage term expires. Many lenders send out your renewal letter so late which does not give you enough time to shop around or arrange for a mortgage through a different lender.

By tracking your own mortgage timeframe and expiration date you will know when it is time to start shopping for a good mortgage renewal rate. Your mortgage is one of your biggest expenses and you should find the best interest rates and mortgage terms.

The most important thing is to make an educated mortgage decision with a licensed mortgage professional’s advice.

Do banks renew mortgages on a regular basis?
When it comes to mortgage renewals, if you don’t take action, your loan will most likely renew automatically or go into default. When your mortgage term comes to an end, your lender will usually offer you renewal terms, which you can accept, negotiate, or reject.