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A mortgage renewal is an opportunity to reconsider your rate, term, payments and flexibility.
Matthew Lawrence, QAFP®, can review your lender’s renewal offer, compare available alternatives and help you decide whether renewing or switching better supports what comes next.
MORTGAGE RENEWAL IN NIAGARA. PROUDLY CANADIAN.
MORTGAGE RENEWAL IN NIAGARA. PROUDLY CANADIAN.
The easiest renewal may not be the best renewal.
The easiest renewal may not be the best renewal.
Your current lender may send an offer that can be accepted with a signature or a few clicks.
That convenience can make it easy to overlook whether the rate is competitive, the mortgage features still fit or your circumstances have changed since the original term began.
Accepting the first offer may commit you to another several years without considering your other options.
Compare before you recommit.
Compare before you recommit.
Matthew begins with your existing mortgage, renewal offer, remaining amortization and plans for the property.
He then helps you compare the cost, features and flexibility of renewing with your current lender against switching to another one.
The right decision may be to stay or to move. The purpose of the review is to understand the difference before signing.
Advice focused on what comes next.
Advice focused on what comes next.
You work directly with Matthew throughout the review and any resulting application.
He explains the available options, the potential costs of switching and the documents a new lender may require. If you decide to move the mortgage, he helps coordinate the process through completion.
His QAFP® background also provides a broader perspective on how the renewal may affect your cash flow, debt repayment, savings and future plans.
What should a mortgage renewal review consider?
What should a mortgage renewal review consider?
Current Renewal Offer
Current Renewal Offer
The rate, term, payment and conditions being offered by your existing lender.
Plans for the Property
Plans for the Property
Whether you expect to stay, move, renovate, refinance or sell during the next term.
Fixed or Variable Rate
Fixed or Variable Rate
How each option may affect your payments, certainty and flexibility.
Term and Amortization
Term and Amortization
How the new term fits with your remaining repayment timeline.
Prepayment Options
Prepayment Options
Your ability to increase payments or make additional contributions toward the balance.
Switching Requirements and Costs
Switching Requirements and Costs
Whether a new application, appraisal, legal work or other fees may be involved.
Frequently Asked Questions
Frequently Asked Questions
When should I begin reviewing my renewal?
When should I begin reviewing my renewal?
Starting several months before the maturity date provides more time to compare options, prepare documents and make a decision without unnecessary pressure.
Do I have to qualify again if I switch lenders?
Do I have to qualify again if I switch lenders?
Generally, a new lender will need to assess your application. This may include reviewing your income, debts, credit, property and supporting documents.
Can I switch lenders without a mortgage penalty?
Can I switch lenders without a mortgage penalty?
A mortgage can often be moved at the end of its term without a prepayment penalty. Discharge, appraisal, legal or other costs may still apply, depending on the mortgage and the new lender.
Should I accept an early renewal offer?
Should I accept an early renewal offer?
Not before understanding how it compares. An early offer may provide certainty, but the rate, term and restrictions should be reviewed before you commit.
Review the offer before signing it.
Review the offer before signing it.
You do not need to wait until the final weeks of your mortgage term.
Complete the short form and provide your renewal date and current lender. Matthew will follow up personally to discuss the offer, your priorities and the available next steps.
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