The letter is a starting point
Renewal offers are often not the lender's best rate. Existing clients who simply sign can pay more than new clients.
Renewals & switches
Don't sign the renewal letter.
Compare first.
Your lender's renewal offer is an opening offer. A short review shows whether you should stay, negotiate or switch.
Renewal timeline
- 120 days beforeStart comparing. Many lenders will hold a rate
- 90 days beforeChoose stay, switch or refinance
- 30 days beforeDocuments signed and arranged
- Renewal dayNew term starts, no gap
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Why renewals deserve a second look
The easiest signature can be the most expensive one.
Switching is simpler than it sounds
On a straight switch, with the same balance and amortization, the new lender often covers the legal and transfer costs.
Your life has changed
New job, new family member, renovation plans or debts to clear: renewal is the one time you can restructure without a penalty.
Your three options at renewal
I lay out all three with real numbers.
Stay and negotiate
Keep your lender, but with a better rate than the letter offered. Least paperwork.
Switch lenders
Move the same mortgage to a lender with a better rate or better terms, often at no cost to you.
Refinance
Change the amount or amortization to consolidate debt or fund a project, penalty-free at renewal.
Your renewal countdown
Start early and every option stays open.
- 120Days before
Start comparing. Many lenders will hold a rate for you.
- 90Days before
Choose: stay and negotiate, switch, or refinance.
- 30Days before
Documents signed and the switch or renewal arranged.
- ✓Renewal day
Your new term starts with no gap and no surprises.
What to send me
Three documents
and ten minutes.
That's enough for me to tell you whether your renewal offer is fair and what switching would save.
- Your renewal letter or latest mortgage statement
- Your most recent property tax bill
- Proof of income, such as a recent pay stub
- Any changes you want: lower payment, cash out, faster payoff
Questions
Renewal questions, answered.
When should I start?
About four months before your term ends. That gives time to compare, hold a rate and complete a switch without rushing.
Do I have to re-qualify to switch lenders?
The new lender reviews your income and credit. For a straight switch at renewal, many borrowers no longer need to pass the stress test, which makes switching easier than it used to be.
What does switching cost?
Often nothing. Many lenders cover the legal and discharge costs on a straight switch. I confirm any cost in writing first.
What if my renewal date has passed?
Call me. Most lenders roll you into an open or short term at a higher rate, and we can usually fix that quickly.
Let's talk it through
Renewing in the next six months?
Send me your renewal letter and I'll tell you whether it's a fair offer.