Do I have to renew with my current mortgage lender?

No.

When your mortgage term ends, you don't have to automatically renew with your existing lender. Your mortgage renewal is an opportunity to look at your mortgage again and decide whether it still works for you.

A lot can change over the course of a mortgage term, including your income, debts, family, plans, and priorities.

Why shouldn't I just sign the renewal offer?

Convenience.

Your current lender knows that renewing with them is usually the easiest option. There's no shopping around, little paperwork and sometimes all it takes is a signature.

Easy isn't necessarily bad - and staying with your current lender may ultimately be the right choice.

But before signing, it's worth knowing what your other options are.

When should I start looking at my mortgage renewal?

Ideally, about 120 days before your renewal date. That gives us time to review your existing mortgage, compare options and potentially secure a rate while you decide what makes sense.

Is the lowest mortgage rate always the best choice?

No.

Rate matters, but it's only one part of a mortgage.

Prepayment privileges, penalties, portability, how the lender calculates its penalty and the flexibility of the mortgage can all matter.

A slightly lower rate isn't much of a bargain if the mortgage doesn't fit what you need it to do.

Should I shop around before my renewal date?

Yes, and ideally, don't wait until the last minute.

Starting the conversation a few months before your mortgage matures gives us time to review your existing mortgage, talk about what's changed and compare your options.

It also means you aren't making a major financial decision because a renewal deadline is suddenly staring at you.

Your mortgage renewal can be about more than your rate.

This is also a good time to look at your bigger financial picture.

Maybe you want to lower your monthly payments. Maybe you have higher-interest debts you'd like to deal with. Perhaps you need access to equity for renovations, education or another major expense.

Or maybe everything is working perfectly well, and you simply want a competitive mortgage for the next term.

Your mortgage should fit what your life looks like now, not what it looked like when you got the mortgage several years ago.

What if my current lender has already offered me a good rate?

Great. That gives us something to compare.

Getting a second opinion doesn't mean you have to leave your lender.

Sometimes we'll look at the numbers and determine that staying exactly where you are makes sense.

Other times, another lender or mortgage structure may offer an advantage you wouldn't have known about if you simply signed the renewal.

Either way, you get to make the decision with more information.

Don't treat your mortgage renewal like another bill to pay.

It's one of the few times during your mortgage when you can stop, reassess and make sure your financing still matches your goals.

Renewing in the next 120 days?

Send me your current mortgage statement and I'll review it with you!

Mortgage coming up for renewal?

Before you sign, let’s make sure your current lender’s offer is still the right fit for you.