When your mortgage term ends, you’ll need to decide whether to renew with your current lender or explore new options. But many homeowners simply accept their lender’s mortgage renewal offer without looking for better terms—often missing out on opportunities to save thousands in interest.
I help homeowners in Saskatoon make informed decisions about their mortgage renewals. With over 17 years of experience as a mortgage broker, I’ll guide you through the renewal process, assess your current financial situation, and negotiate with lenders to secure the best possible rates and terms for you. Don’t settle for your lender’s first offer—let’s make sure your mortgage is working for you.
Why Mortgage Renewals Are Important
Renewing your mortgage is a critical financial decision. The mortgage renewal process gives you the chance to reassess your financial goals, adjust your mortgage terms, and secure a better interest rate. It’s also a great time to explore options such as:
- Lower Interest Rates: With the right strategy, you may be able to lower your interest rate, saving you thousands of dollars in interest over the life of your mortgage.
- Flexible Terms: If your financial situation has changed, you may want to shorten or lengthen your mortgage term, switch from a fixed-rate to a variable-rate mortgage, or consider other options.
- Debt Consolidation: A mortgage renewal can provide the opportunity to consolidate higher-interest debt, such as credit cards or personal loans, into your mortgage—helping you reduce overall payments and interest costs.
- Better Financial Planning: Your financial goals may have evolved since you first took out your mortgage. Renewal is the perfect time to align your mortgage with those goals, whether that’s paying off your home faster or lowering your monthly payments.
When Should You Start Thinking About Mortgage Renewal?
Ideally, you should start thinking about your mortgage renewal 3-4 months before your term expires. Many lenders will send you a renewal offer about 120 days before the end of your term, but that doesn’t mean you should just accept it. Starting the renewal process early gives us time to shop around for better rates and explore different options, ensuring you’re not rushed into making a decision.
By starting early, I can lock in a rate hold for up to 120 days, protecting you from potential interest rate increases. If rates drop before your renewal, I’ll automatically request a lower rate.
What You Should Know About Mortgage Renewals
A mortgage renewal is not just about signing new paperwork—it’s an opportunity to:
- Secure Better Rates: Don’t automatically accept your lender’s offer. I’ll negotiate on your behalf to get the best rate available.
- Reassess Your Financial Goals: Whether your goal is to pay off your mortgage faster, lower your monthly payments, or free up cash for other investments, I’ll help tailor your mortgage to fit your evolving financial situation.
- Avoid Penalties: If you want to make changes to your mortgage, such as switching lenders, I’ll help you navigate potential prepayment penalties or fees.
- Stay Informed: I’ll walk you through the process, ensuring you understand all your options and how they impact your finances.
The Benefits of Renewing Your Mortgage With Me
Choosing to work with me and TMG The Mortgage Group for your mortgage renewal means you’ll get:
- Access to Over 20 Lenders: I have relationships with Canada’s top lenders, giving you more options and negotiating power.
- Competitive Rates: I work hard to secure the best rates possible, potentially saving you thousands of dollars in interest.
- Tailored Advice: Your financial situation is unique, and so are your mortgage needs. I’ll customize your renewal to fit your goals, whether that’s paying off your home faster or reducing your monthly payments.
- Stress-Free Process: From paperwork to negotiations, I handle everything so you can focus on your future. If you choose to switch lenders, I’ll ensure a smooth transition.
- Expertise and Guidance: With over 17 years of experience, I have the knowledge and expertise to ensure your mortgage renewal is a positive step forward in your financial journey.
Key Benefits Section
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"Warm, reliable, and knowledgeable"
I have gotten to know Deb over the past three months, and she is one of the most warm, reliable, forthright, and knowledgeable individuals I know. I look forward to working more closely with her over the upcoming years.
Sheryl H.
Step-by-Step Guide on How I Help You Navigate Your Mortgage Renewal
When you choose me as your mortgage broker, you’re not just renewing your mortgage—you’re optimizing it. I’ll work closely with you to understand your current financial situation and future goals. Here’s how I can help:
Early Consultation
It’s important to start the mortgage renewal process 120 days before your term expires. This gives us enough time to evaluate your options and lock in the best rate. I’ll schedule a personalized consultation to review your current mortgage and financial goals.
Exploring Your Options
I’ll work with over 20 lenders to find the most competitive rates and terms. Whether you want to stay with your current lender or switch to a new one, I’ll ensure you get the best deal possible. Lenders know they’re competing for your business, so there’s often room to negotiate better rates or terms than what they first offer.
Tailored Advice
Mortgage renewals aren’t one-size-fits-all. I’ll tailor my advice to fit your specific situation. Whether you’re looking for flexibility, lower payments, or faster repayment, I’ll present options that align with your financial goals.
Hassle-Free Process
I handle all the paperwork and negotiations, ensuring the renewal process is stress-free for you. If you decide to switch lenders, I’ll make the transition smooth and seamless, coordinating with your new lender to ensure there are no gaps in your mortgage coverage.
Transparent Communication
You’ll always know where you stand. I provide clear, transparent communication throughout the entire process, updating you on important milestones and making sure all your questions are answered.
Frequently Asked Questions
Can I switch lenders when my mortgage is up for renewal?
Yes, you can switch lenders when your mortgage is up for renewal. I’ll help you compare rates from different lenders and assist you in switching if it benefits you financially. This can be a great way to secure better terms or lower your interest rate.
What happens if I don’t renew my mortgage on time?
If you don’t renew your mortgage by the end of your term, your lender may automatically renew it at their posted rates, which are often higher than competitive rates in the market. It’s important to renew or refinance your mortgage before the term expires to avoid higher payments.
How do I know if I should switch to a different lender?
If your current lender’s renewal offer doesn’t include a competitive rate or flexible terms that align with your financial goals, switching lenders may be a good option. I’ll help you compare options and ensure you’re making the best choice for your future.
Can I change my mortgage terms when I renew?
Yes, mortgage renewal is an opportunity to adjust your terms. You can switch from a fixed to a variable rate, possibly change the amortization period, and/or adjust your payment frequency. I’ll work with you to determine the best strategy for your current situation.
How long does the renewal process take?
The renewal process takes at a minimum a few weeks, depending on the complexity of your situation and whether you’re switching lenders. I recommend starting the process early—at least 120 days before your mortgage term expires, as most renewal/transfer will take up to 4 weeks.
