Mortgage Renewal Made Simple
Your mortgage is coming up for renewal. This is your opportunity to save thousands.
Start exploring your options 120 days before your maturity date to maximize your negotiating power and secure the best possible rate.
Why Focus on Your Renewal?
Negotiate lower interest rates and save thousands over your term
Explore options from multiple lenders without restrictions
Adjust your amortization period to match your current financial goals
Usually no property appraisal required, making the process faster and cheaper
120 days before renewal gives you maximum leverage with lenders
Work with mortgage professionals who negotiate on your behalf
Renewal vs. Refinancing: What's the Difference?
- Keep your existing mortgage terms and conditions
- Simply get a better interest rate
- Avoid appraisal and legal fees
- Quick and simple process
- Access your home equity for renovations or debt
- Consolidate high-interest debts
- Change your mortgage structure significantly
- Break your mortgage before maturity (penalties apply)
Your Renewal Timeline
Begin researching rates and speaking with mortgage brokers. This is your window of maximum negotiating power.
Review offers from your current lender and competitors. Get everything in writing.
Choose your lender and lock in your rate. Ensure all documents are prepared.
Complete all required documentation and confirm your renewal terms.
Your new mortgage term starts. Congratulations on securing your best rate!
How to Negotiate Better Rates
Strong Credit Score
A score above 680 gives you access to the best rates. Check your credit report before renewal.
Stable Employment History
Consistent income demonstrates your ability to maintain mortgage payments.
Lower Loan-to-Value Ratio
More equity in your home means lower risk for lenders and better rates for you.
Shop around and get multiple quotes to use as leverage
Don't accept the first offer - lenders expect you to negotiate
Consider using a mortgage broker who negotiates on your behalf
Highlight your payment history and loyalty to your current lender
Fixed vs. Variable: Renewal Considerations
Provides stability and predictability for your budget. Your rate stays the same for the entire term.
Best for you if:
- You prefer payment certainty
- You think rates will rise
- You're on a tight budget
Your rate fluctuates with the market. Historically, variable rates have cost less over time.
Best for you if:
- You can handle payment fluctuations
- You think rates will drop
- You want potential for lower costs
Common Renewal Mistakes to Avoid
Simply accepting your lender's renewal offer can cost you thousands. Always compare rates from multiple lenders.
Starting too late reduces your negotiating power. Begin 120 days before maturity for best results.
Check prepayment penalties, payment flexibility, and portability options. These features can save you money.
The lowest rate isn't always best. Consider the full package including flexibility and penalty clauses.
What Our Clients Say
"I saved over $200 per month by shopping around for my renewal. The team at Sutton made it so easy to compare options."
Sarah M.
Toronto, ON
"I almost just signed my lender's renewal offer. Thanks to expert guidance, I negotiated a rate 0.5% lower and will save $18,000 over my term."
James T.
Vancouver, BC
"The 120-day timeline strategy worked perfectly. I had multiple lenders competing for my business and got an amazing rate."
Maria L.
Calgary, AB
"I didn't realize renewal was the perfect time to switch lenders without penalties. Moving to a better lender was seamless and saved me thousands."
David K.
Ottawa, ON
Calculate Your Potential Savings
Frequently Asked Questions
Ready to Get the Best Rate on Your Renewal?
Don't leave thousands on the table. Let our mortgage specialists help you navigate your renewal and secure the best possible rate and terms.