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Renewal & switchRenewal, without the panic.
Your bank's renewal letter is an offer, not your only option. I start your renewal review 13 months before your maturity date, hold a rate as a safety net, and compare it with what your bank sends you. You decide calmly, with the real numbers in front of you.
Never just sign the letter.
Most banks send a renewal offer a few months before maturity and hope you sign it. By starting a year ahead, you have a protected rate in your back pocket and time to see if there is something better.
A safety net
A rate hold protects you if rates rise, and it does not commit you to anything.
Documents once
I gather your paperwork once, then refresh the hold every few months on the same documents.
A real comparison
When your bank's offer arrives, we already have something real to compare it with.
No rushed signature
You choose with the full picture, well before your maturity date.
The 13-month strategy.
We talk about your goals. With your consent, I submit a real application and hold a rate, often for about 120 days depending on the lender.
Same rate or better? I refresh the hold on the same documents. Nothing for you to do.
I show you in dollars whether moving early is worth it, penalty included. Staying put is also fine.
You choose calmly, with your hold, your bank's offer and the wider market side by side.
Months before maturity. Illustration of the strategy; every file is reviewed on its own merits.
Renewing in the next 18 months?
Now is the right time to start. Book a renewal review and we will map out your options, with no cost and no obligation.
Clear steps, no surprises.
I reach out early
A personal note from me about 13 months before maturity, not a form letter. We talk about what has changed.
Hold a rate
With your consent and documents, I submit a real application and hold a rate as your safety net.
Compare the offer
When your bank's renewal letter arrives, we line it up against your hold and the wider market, on true cost.
Decide calmly
Renew, switch or refinance. If your bank's offer is the best fit, I will tell you, and help you ask them to sharpen it.
The rate is only part of the story.
Two offers with similar rates can cost very different amounts. I compare the true cost over your remaining term, in dollars, so you can see what each choice really means for your budget.
dollars, not decimals
The payment
What you pay each month, and how much of it goes to interest instead of your balance over the term.
The penalty
What it could cost to leave early if life changes. It depends on how your lender calculates it, and it can vary a lot from one lender to the next.
The terms
Prepayment room, whether you can take the mortgage with you if you move, how it is registered on title, and any limits on refinancing. A slightly lower rate with tight terms can cost more later.
The difference, per week
I put any gap in plain dollars over the term and per week, so the choice is easy to weigh.
What is my renewal really costing me?
Compare your bank's renewal offer with another option over the same term. The starting numbers are examples only, not current rates, an offer or a quote. Change them to your own.
Bank's renewal offer
Cost over the term$0
Other option
Cost over the term$0
Estimated difference over the term$0
Estimates only, for illustration. Assumes fixed rates compounded semi-annually, the same amortization for both options and steady payments over the term. "Cost over the term" is interest plus any costs to move. Your real numbers depend on your lender's terms, any penalty, credit review, property value and lender approval. Approval is not guaranteed.
Turning a renewal into a refinance.
Renewal is a natural time to look at the whole picture. If something has changed, we can sometimes restructure your mortgage at the same time, so it works better for the next few years.
Consolidate debt
Roll higher-interest balances, like credit cards, a car loan or a line of credit, into one payment.
Ease cash flow
Adjust your amortization to bring the monthly payment down when the budget is tight.
Use your equity
Renovations, help for family, or a line of credit set aside for peace of mind.
Update who is on title
Take a co-signer off the mortgage once you can carry it on your own.
A refinance is a new mortgage, so you qualify again, and refinance rates are often higher than renewal rates. Spreading debt over a longer time can also mean more interest overall. I only suggest it when the numbers clearly work in your favour, and I show you the full cost first. Learn more about refinancing and debt consolidation.
Know your penalty before you need it.
Most people never look at their mortgage paperwork until they need to break it, after a move, a separation, or to take a better option. By then the penalty is already set.
Your penalty depends on your lender, your rate type and the discount you got when you signed. For fixed rates it is often the greater of three months' interest or an interest rate differential (IRD), and lenders calculate the IRD in different ways. Some methods cost a lot more than others.
Keep your commitment letter and the confirmation letter your lender sends after closing. They hold the details needed to estimate a penalty ahead of time, which helps us plan the right moment to move.
Free penalty check
Send me your latest mortgage statement or commitment letter, or book a quick call, and I will estimate your penalty and explain what it means for your options.
Any final number comes from your lender's payout statement, and you confirm it in writing before anything moves.
“I manage it, not just arrange it.”
After closing, I keep watching.
Most people hear from their lender once every five years. I check in personally at 12, 24 and 36 months after your mortgage closes, a yearly review to look for savings, tidy up debt, or help you pay it off faster.
12 months
Your first yearly review. How are things since we closed? I check for savings and answer any questions.
24 months
A fresh look at your payment, cash flow and equity. If debt has crept back, or you could pay it down faster, I will show you how.
36 months
Another review, plus a heads-up on the 13-month renewal plan coming next, so you are protected either way.
Common questions
Can I switch lenders at renewal?
Yes. When your term ends, you can usually move your mortgage to a different lender without a penalty. The new lender will review your application, and on a straight switch a new lender often covers the legal and appraisal costs. I confirm the costs before you commit. Moving before your maturity date can involve a penalty, so I run the numbers on timing first.
When should I start?
About 13 months before your maturity date. That leaves time to hold a rate, refresh it a few times, and compare it with your bank's offer when it arrives. If you are closer than that, it is still worth a call. Starting earlier just means more options.
Does it cost anything?
For most renewals and switches, no. In most cases I am paid by the lender when your mortgage funds, so the renewal review, the rate hold and the penalty check cost you nothing. Some files, such as private or second mortgages, may include a fee, and if so it is explained to you in writing before you commit. If moving would involve a penalty or switch costs, I show you those in dollars first.
Will I need to requalify?
It depends on what you choose. Renewing with your current lender usually does not mean qualifying again. Switching to a new lender is a new application, so they will review your income, credit and property, although most straight switches with the same balance and amortization no longer need the federal stress test. If you add money or extend your amortization, it becomes a refinance and you qualify like a new mortgage. Approval is never guaranteed, which is one more reason to start early.
What if my credit or income has changed?
Let's talk early. There are options for most situations, and more time means more choices.
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Ready when you are.
Book a renewal review, or start your application online. No pressure either way.
Prefer the phone? Call 613-714-9499. Office visits by appointment.