Don’t Sign That Renewal Letter Yet! Why Shopping Around Matters

When your mortgage term nears its end, your lender will send you a renewal letter that often reads like a formality: sign here, lock in a new rate and carry on. But blindly accepting that offer can cost you more than you think. Banks and big lenders count on convenience; they know life is busy and that most people don’t shop around. That’s why renewal rates can be higher than what’s available elsewhere. By taking a little time to explore your options, you could save thousands in interest over your next term.

Shopping around at renewal is similar to shopping for insurance—you compare rates, terms and features from different lenders, including monoline lenders that exclusively deal in mortgages. These lenders often have lower overhead and may offer more competitive rates or flexible terms that fit your life better. A mortgage agent can access multiple lenders and negotiate on your behalf, giving you a broader view of what’s available. They’ll also assess whether you should consider switching from fixed to variable (or vice versa), consolidate debt, or even shorten your amortisation to pay off your mortgage faster.

Renewal time is also a strategic moment to revisit your financial goals. Are you planning major renovations, starting a business or considering an investment property? Maybe you’re eyeing retirement and want lower payments. Your mortgage term is a tool you can tailor to these goals. By speaking with a mortgage professional instead of automatically signing your lender’s letter, you gain the freedom to align your mortgage with where you are today—not where you were five years ago.

Ready to talk mortgages on your terms?

Whether you’re crunching numbers late at night or just day‑dreaming about your next home, I’m here for you. Call or text me at 519‑575‑1804, or send an email to cferguson@dominionlending.ca.

You’ll also find daily tips, market updates and a few lighthearted moments on my Facebook and Instagram feeds—follow @mortgagewithchar to join the conversation. My goal is to keep things simple, approachable and tailored to you.

Let’s chat whenever you’re ready!