{"id":25,"date":"2016-09-13T14:54:27","date_gmt":"2016-09-13T18:54:27","guid":{"rendered":"http:\/\/dev22.604media.com\/DLC_contemporary\/?page_id=25"},"modified":"2026-09-08T17:55:48","modified_gmt":"2026-09-08T21:55:48","slug":"mortgage-renewal","status":"publish","type":"page","link":"https:\/\/hosseinfiroozsani.ca\/en\/mortgages\/mortgage-renewal\/","title":{"rendered":"Mortgage renewal: don’t sign the first letter"},"content":{"rendered":"

Your lender mails you a renewal form. It is easy to sign, and that is exactly the problem.<\/strong><\/p>\n

Renewal is the one moment when you can change lenders without a penalty. Many people sign the form that arrives in the mail because it is the fastest thing to do. It is also the choice that gives away all your negotiating power.<\/p>\n

When to start<\/h3>\n

Four to six months before maturity.<\/strong> That is the window where most lenders will hold a rate for you in advance. If rates rise while you are looking, you are protected. If they fall, we check again.<\/p>\n

The month before is late.<\/strong> Transferring to another lender takes time: verifications, documents, the notary. Three weeks out, you often have one option left \u2014 sign what you are handed.<\/p>\n

What we look at together<\/h3>\n

1.<\/strong> What has changed in five years.<\/strong> Your income, your credit, your property value, your other debts. Your profile is not what it was a full term ago, and that can work in your favour.<\/p>\n

2.<\/strong> Term length and rate type.<\/strong> Fixed or variable, three years or five: the right answer depends on your plans, not on a general rule. If you might sell in two years, a five-year term can cost you a penalty.<\/p>\n

3.<\/strong> The conditions, not just the rate.<\/strong> Prepayment privileges, portability, how penalties are calculated. A slightly lower rate with poor terms can cost more overall.<\/p>\n

4.<\/strong> A consolidation, if it applies.<\/strong> Renewal can be the right time to fold high-interest debt into your mortgage. It does not suit everyone, and I will tell you if it does not suit you.<\/p>\n

Transferring to another lender<\/h3>\n

If a better offer exists elsewhere, transferring at renewal happens without a penalty. Some lenders even cover the transfer costs. I coordinate with your current lender, the new one and the notary.<\/p>\n

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Is your mortgage maturing in the next few months? Write to me before you sign anything. Checking costs nothing and commits you to nothing.<\/p>\n

Let’s review your renewal<\/a><\/p>\n

or call directly: 514-889-4667<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

While most Canadians spend a lot of time, and expend a lot of effort, in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals.<\/p>\n","protected":false},"author":1,"featured_media":228,"parent":6,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n