Don't Auto-Sign Your Mortgage Renewal
Renewal is also the penalty-free time to refinance your mortgage or restructure. Self-employed? See our self-employed mortgage options.
Why You Should Never Just Sign Your Bank Renewal Offer
When your mortgage comes up for renewal, your current lender sends an offer often with a rate significantly higher than what is available elsewhere. Your renewal is the single best time to compare lenders, negotiate your rate, and potentially switch to a better product without paying any penalty. A Kelowna mortgage broker like Ash does this work for you, for free.
When Should You Start Thinking About Mortgage Renewal in Kelowna?
Start the renewal process 90 to 120 days before your current mortgage matures. This gives you time to compare rates, lock in a rate hold if rates are favourable, and switch lenders without rushing. Many Kelowna homeowners wait until they receive the renewal letter and end up with less negotiating power. Ash will monitor the market and alert you when to act.
Can You Switch Lenders at Renewal With No Penalty?
Yes. Switching lenders at your renewal date carries no prepayment penalty because your term has ended. Many Kelowna homeowners save 0.25% to 0.75% or more on their rate by shopping the market. On a $500,000 mortgage, 0.25% savings translates to over $1,200 per year in interest savings.
Mortgage Renewal Questions, Answered
How far in advance should I contact a Kelowna mortgage broker about renewal?
Contact Ash at least 90 to 120 days before your renewal date to get the best options and rate holds.
Can I change my amortization at renewal?
Yes. Renewal is an excellent time to adjust your amortization, switch payment frequency, or change your term length.
Book a Free Mortgage Renewal Consultation
Do not sign your bank renewal letter until you have spoken with Ash Simpson. A quick conversation could save you thousands over your next mortgage term.