Mortgage Renewal Coming Up? Let’s Get You a Better Rate
Worried about how your mortgage payment may change at renewal? Mortgage renewal is your opportunity to review your rate, compare lenders, and make sure your mortgage still fits your life before your next term begins.
Mortgage Renewal Solutions for Brockville, Cornwall, Kingston, and Eastern Ontario Homeowners
Your mortgage renewal should not start with the lender’s renewal letter. In many cases, that letter arrives too late to give you the best window to understand potential payment changes, compare options, negotiate, or secure a rate hold before the market changes. I recommend starting the renewal conversation about 5 months before your renewal date, so there is time to review your options properly.
As a licensed mortgage broker serving homeowners in Brockville, Cornwall, Kingston, and throughout Eastern Ontario, I help you start the renewal conversation early. I have access to over 50 lenders, including banks, credit unions, and alternative lenders, so I can compare options and help you find a renewal solution that fits your needs.
Whether you want to avoid automatically accepting an uncompetitive offer, understand how your payments may change, choose the right term and rate type, or decide whether staying with your lender is still the right choice, I will guide you through the process clearly.
Here’s how I can help:
- Review your lender’s renewal offer before you sign
- Explain how the proposed rate may affect your mortgage payments
- Compare term lengths, fixed and variable rates, payment frequencies, and prepayment privileges
- Compare offers from banks, credit unions, and alternative lenders
- Explore switching lenders when your term ends
- Review early renewal options and calculate whether the potential savings outweigh any penalty
- Explain when your goals require refinancing rather than a standard renewal or mortgage switch
Your Bank Sends a Renewal Letter; But That’s Not Your Only Option
Your current lender may not offer its best rate first
Many homeowners renew automatically because it feels simple, but waiting for the renewal letter can cost you. For example, 3-year fixed rates were around 3.85% in late March 2026. By late May 2026, they had moved to 4.34%. A client who waited for the lender’s notice during that window may have paid more than someone who reviewed options and locked in earlier.
Switching lenders at renewal may be easier than you think
You do not have to stay with your current lender when your mortgage term ends. If another lender offers a better rate, more flexible features, or terms that better suit your needs, a mortgage switch may be worth considering. A standard switch generally keeps your existing mortgage balance and remaining amortization in place, and a prepayment penalty typically does not apply at the end of your term. I can help you compare the numbers, review the paperwork, and understand any lender requirements or transfer costs before you decide.
Renewal is the right time to review your bigger financial picture
A lot can change during a mortgage term. Your income may be different. Your family situation may have changed. You may want lower payments, faster repayment, more prepayment flexibility, or access to equity. Renewal is a chance to make your mortgage work better for where you are now.
Get clear guidance before making a decision
As your mortgage broker, I review your lender’s offer, compare other available options, and explain the differences in plain language. If renewing early may be worthwhile, I can calculate whether the potential savings outweigh the penalty. If a standard renewal or switch will not achieve your goals, I can explain whether refinancing may be the more appropriate solution.
Why do customers love working with us?
Got Questions About Mortgage Renewal? We’ve Got You
FAQ
It is best to start reviewing your options about 5 months before your renewal date. Waiting for your lender’s renewal letter is often too late because rates may have already moved by the time it arrives. Starting early gives us time to review your offer, compare lenders, explore rate-hold options, and make a decision without feeling pressured.
No. You can renew with your current lender or explore switching your mortgage to another lender. Many homeowners use renewal time to compare rates and terms before deciding.
Early mortgage renewal can sometimes save money, even if there is a penalty. The key is to compare the penalty cost against the potential savings from securing a better rate sooner. I can calculate the breakeven for you before you decide.
At renewal, you may be able to change your term length, payment frequency, rate type, or prepayment privileges. Your remaining amortization normally continues. Extending the amortization, increasing the mortgage amount, accessing equity, or restructuring the mortgage requires refinancing and lender approval.
A renewal starts a new term with your current lender. A switch moves the same mortgage balance and remaining amortization to another lender. A refinance restructures the mortgage, such as extending the amortization, accessing equity, or consolidating debt.
A new lender will usually complete a credit check as part of the application. One credit check is normally a standard part of the process, and I can explain what to expect before anything is submitted.
It depends on the lender and your situation, but it is best not to leave it until the last minute. Starting about 5 months before your renewal date gives us more time to compare options, collect documents if needed, and avoid feeling rushed.
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