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

Frequently I have clients call to tell me that their mortgage is up for renewal at their bank in the next 4-6 months. 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 a few things to think about when your mortgage is up for renewal:

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

- Are there any reno projects on the horizon within the next 1-3 years?

- Do you have plans to move, or maybe buy an investment property in the next few years?

- How does your existing lender calculate mortgage penalties?

And probably most importantly, remember that you have time! Don't assume that you're receiving some type of a preferential rate because you're an existing customer. Ask questions, find out your options, and speak to a Mortgage Professional who will actually tell you if what you're being offered is competitive. Never think twice about giving me a shout; I'll tell you if the interest rates you're being offered are really decent, abysmal or somewhere in between. Sometimes it makes sense to look elsewhere, sometimes it doesn't - if it doesn't make sense, I will tell you. In my business it's far more important to lose the battle than it is to win the war. At the end of the day, I want happy, satisfied clients who will tell their friends and family about the job I did for them, so I strive to provide advice accordingly.