What Do I Do Six Months Before My Mortgage Is Up For Renewal?

Occassionally I will have a client call to tell me that their mortgage is up for renewal at their bank in 6 months from now. The bank is "allowing" them to renew early at a certain rate, but they wanted to know if I can help them out and provide them with a better mortgage.

Now as a Mortgage Broker, I can guarantee you a rate once we are within a 4 month window of your renewal. So when clients ask me if I can provide them with a better rate 6 months out, I let them know that although rates do not appear to be moving a lot, we would have to wait a couple months for me to provide them with an official rate hold.

Sometimes clients will commit to the bank's offer. Other times they will wait it out, and stick with me.

As it stands today, 100% of the clients who waited a couple months were able to get a better interest rate with me than what the bank was offerring them.

My advice - don't let your bank pressure you into renewing early. Be sure to explore your options. Be patient. It will save you money.