Renewing / Transferring
Mortgage renewal time is a time to negotiate a better rate with your existing mortgage provider but also an opportunity to assess your financial situation to ensure your product is still suitable and you’re maximizing on your interest savings. During this time, you will receive an early renewal agreement from your mortgage provider 1 - 6 months before the renewal date. We will review this renewal offer and provide you with a bottom line rate offer and most suitable mortgage product, with the ability to lock down this down 120 days before your renewal date. If the rates drop between then and your renewal date, you will always get the lowest rate option at no cost to you.
Renewal time is a
golden opportunity
Renewal time is a great opportunity to prepay your mortgage without penalty if you have funds available. Not only will you be reducing your principal balance immediately but will be paying less interest costs over time in your new term. As our mission to find you the most cost effective solution and in a rate decreasing environment, if you’re comfortable, it might be prudent to keep your payments as they were with your previously higher rate mortgage effectively lowering your overall cost of borrowing.
Should I Renew My Mortgage Early?
This will depend on a variety of factors but locking in your mortgage early will minimize adverse rate movements. Furthermore, we would have to examine if the rates are lower than what you currently have, compare the new mortgage features and pre-payment charge against the total interest savings over the term. Through this cost analysis, our team can determine if it would make sense to renew your mortgage early or wait until you’re within 120 days of your renewal period to lock down a bottom line rate option.
The latter would mean not having the mortgage transferred to another lender until your actual renewal date.
It is important to note that we do have cash back incentive programs that are designed to offset or cover the prepayment penalty to switch your mortgage early. You can rely on us to provide you the trusted advice and recommend a product that will save you thousands of dollars over the life of your mortgage.
