What Do I Do When My Mortgage Is Up For Renewal?

Occasionally I will have a client call to tell me that their mortgage is up for renewal at their bank within 4-6 months time. The bank is "allowing" them to renew early at a certain rate, but they want to know if they are getting a good "deal".

Here are some things to think about when your mortgage is up for renewal:

-Do you have any high interest credit cards or loans you would like to roll into your mortgage?

-Any reno needs/wants coming up within the next 1-3 years?

-Any plans to move or maybe buy an investment property in the next few years?

-How does your existing lender calculate mortgage penalties?

No matter what, you have time, so ask more questions and don't succumb to bank pressure!  At the very least, give me a shout and I can tell you whether or not the interest rates offered are decent.  We can also discuss what other options are out there. You might be surprised!

Be patient. It could save you money!