Tag - Mortgage Renewal

12 Nov

Renewing Your Mortgage This Year? Smart Strategies to Get the Best Rate

Renewing Your Mortgage This Year? Smart Strategies to Get the Best Rate

Renewing your mortgage is one of the best opportunities to improve your financial position—but it’s often overlooked. Many homeowners simply sign their renewal papers without exploring better options, potentially missing out on thousands in savings. If your mortgage term is coming up for renewal this year, it’s time to take charge and make sure you’re getting the best possible rate.

At Toprate Mortgage, our goal is to help Canadians secure competitive rates and flexible terms that match their financial goals. Here’s how you can make your renewal work for you.

1. Don’t Automatically Accept Your Lender’s First Offer

When your mortgage is up for renewal, your current lender will usually send a renewal notice a few weeks before your term expires. While it might seem convenient to sign and send it back, this is often not your best option.

Lenders rely on busy homeowners accepting renewal offers without question—and these offers may not include their most competitive rates. By shopping around or working with a mortgage broker like Toprate Mortgage, you can compare offers from multiple lenders and find one that truly fits your budget.

2. Start the Process Early

Timing is everything when it comes to mortgage renewal. Start reviewing your options at least 3–6 months before your renewal date. This gives you enough time to:

  • Review your current rate and payment terms.
  • Compare interest rates across lenders.
  • Lock in a lower rate if market conditions shift.

Early preparation helps you avoid rushing into a renewal and gives you the upper hand in negotiations.

3. Work with a Mortgage Broker

Mortgage brokers work for you—not the bank. At Toprate Mortgage, we compare offers from multiple lenders across Canada to ensure you get the best available deal.

A broker can help you:

  • Access exclusive rates not offered directly to the public.
  • Negotiate better terms, such as flexible payment schedules.
  • Identify whether switching lenders could save you money, even after considering penalties.

This expertise can make a significant difference, especially if your financial situation has changed since your last mortgage term.

4. Review Your Financial Goals

Your mortgage renewal is a great time to reassess your broader financial goals. Ask yourself:

  • Has your income changed?
  • Do you plan to move, renovate, or invest soon?
  • Would a shorter or longer term make more sense now?

Depending on your answers, your broker can recommend a strategy that aligns with your lifestyle—such as switching to a variable rate for flexibility or locking in a fixed rate for stability.

5. Check Your Credit Score

Your credit score plays a key role in determining the rate you qualify for. Before your renewal date, review your credit report and make any necessary improvements—like paying down high-interest debts or correcting errors. A stronger credit score could help you secure a significantly lower rate, potentially saving thousands over your new term.

6. Consider Refinancing if It Makes Sense

Sometimes, a mortgage renewal is also an opportunity to refinance your home loan. Refinancing allows you to:

  • Consolidate high-interest debts into one manageable payment.
  • Access home equity for renovations or investments.
  • Adjust your amortization period to lower monthly payments.

Discuss these options with your mortgage advisor to determine whether refinancing could benefit your long-term financial plan.

7. Lock In a Rate When It’s Low

Interest rates fluctuate constantly, and even small differences can have a big impact on your payments. If you notice rates starting to rise, talk to your broker about locking in a rate early. Many lenders allow you to hold a rate for up to 120 days before your renewal date, protecting you from sudden market increases.

Final Thoughts

Renewing your mortgage isn’t just a formality—it’s an opportunity to make smarter financial choices and secure long-term savings. With the right preparation, professional guidance, and a clear understanding of your options, you can confidently negotiate the best rate possible.

At Toprate Mortgage, our experienced brokers help Canadians make the most of their mortgage renewals with transparent advice and access to top lenders across the country.

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22 Nov

Is your mortgage term up? Are you ready for renewal? Read on to find out how to prepare for your mortgage renewal process.

Is your mortgage term up? Are you ready for renewal? Read on to find out how to prepare for your mortgage renewal process.

Mortgage renewal is a process almost as important as the mortgage process itself. It can help you find better terms, better rates or simply extend your period for a more comfortable experience. But first, what is mortgage renewal?

When your mortgage term comes to an end, you either would have paid off your mortgage or like most, will be looking to renew your terms. In Canada, lenders provide a renewal statement at least three weeks before your due date.

Should you sign the renewal contract your original lender sent?

NO! Well, at least not immediately. Its always good to browse the menu and see what’s out there before you settle on the usual. Studies have shown that many people miss out on good deals because they signed immediately.

What is the correct way to go about the mortgage renewal process?

  •  Assess your financial situation
  •  Decide what you need out of the renewal
  •  Check the penalty costs
  •  Choose your plan

The first step in the process of mortgage renewal is to know where you stand financially. It could help you determine what you really need right now in terms of the Mortgage. Mortgage brokers usually have someone who can do this for you with ease.

 

Once you have decided what you expect out of the renewal, you need to confirm whether there are going to be penalty costs if you terminate the mortgage with your current lender. Depending on how much you will be incurring or saving, you can decide whether you want to negotiate terms with the current lender or another one.

The next step is to do your market research. Most Canadians prefer going to a broker as they already have their research done and can help you finalize on a plan which is most beneficial. The plan once finalized, needs to be drafted, checked and signed.

The renewal process is simple if you do your market research or have the expert do it for you.

Get the most out of your mortgage renewal with Top Rate Mortgage. Contact us today.

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16 May

3 THINGS TO KEEP IN MIND BEFORE MORTGAGE RENEWAL

3 Things to Keep in Mind Before Mortgage Renewal Markham and Richmond Hill

Mortgage renewal is a technical term used at a time when you are required to renew your mortgage or when your current term comes to an end. At such a time in Richmond and Markham, you are required to contact your broker or the authorized person you are willing to continue the term with and negotiate the deals of you mortgage. Richmond and Markham brokers feel that clients tend to overlook the fact that this provides them with a great opportunity to align the rates and term according to their needs. Mortgage renewal experts in Richmond and Markham think the following are a few things you can keep in mind:

1. The first isn’t the best!

Mortgage renewal brokers in Richmond and Markham feel that the first rate put forward by the lenders or the bank isn’t always the best rate and there is always room for negotiations. You need to shop around before you settle on one rate, say mortgage renewal brokers in Richmond and Markham.

2. Broker or banker??

Most studies conducted in Richmond and Markham claim that mortgage renewal should be done with a broker as they provide you with better rates. Being a loyal customer to the bank will help you get nowhere. They are still going to be pretty tough with the terms, whereas, a broker will work for you and get you the best rates as he gets quotes from many mortgage renewal lenders in Richmond and Markham

3. Don’t ink before you think!

Mortgage renewal experts in Richmond and Markham advice you to make sure the terms you are agreeing to our suitable for you. They should not be extensive and you should actually be able to make the payments. Don’t sign anything unless you have read through carefully and consulted a lawyer on it.

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