Mortgage renewal is a critical financial moment for homeowners. With significant numbers of mortgages coming due in the next few years, it’s crucial to be prepared. Here’s your guide to a successful mortgage renewal.
The Renewal Landscape 
Current projections show:
• 2024: 250 million dollars in mortgages maturing
• 2025: 300 million dollars in mortgages maturing
• 2026: 350 million dollars in mortgages maturing
These numbers highlight the importance of being well-prepared for your renewal.
Step-by-Step Guide to the Renewal Process:
1. Start Early: Begin considering your options 4-6 months before your renewal date.
2. Setup a Meeting with Catherine:
1. Review Your Financial Situation: Assess your current income, expenses, and financial goals.
2. Check Your Credit Score: A good credit score can help you negotiate better terms. (we can assist with this)
3. Research Current Rates and Products: Understand what’s available in the market.
4. Consider Your Future Plans: Your mortgage should align with your long-term goals.
3. Gather Necessary Documents: Have your financial documents ready for the application process.
4. Explore your Options: Don’t automatically renew with your current lender without exploring other options.
5. Make Your Decision: Choose the option that best fits your financial situation and goals.
6. Complete the Renewal Process: Finalize the paperwork and understand all terms and conditions.
How to Negotiate Better Rates:
1. Consider a Mortgage Broker: We can access multiple lenders and potentially find better rates.
2. Be Prepared to Switch Lenders: Sometimes, the best deal may come from a new lender.
3. Highlight Improved Financial Position: If your income has increased or debts decreased, make sure your mortgage professional knows.
4. Be Open to Strategies – whether looking at a multi segment mortgage, going variable and then locking in down the road or considering a shorter term – work with an expert to guide you.
Options for Homeowners Facing Higher Payments:
1. Extend Your Amortization: This can lower your monthly payments but will increase the total interest paid overtime.
2. Make a Lump Sum Payment: If possible, paying down your principal can help offset higher interest rates.
3. Switch to a Variable Rate: If you believe rates will decrease, this could be a strategic move.
4. Explore a Hybrid Mortgage: Part fixed, part variable can provide a balance of security and potential savings.
5. Consider Refinancing: This might allow you to consolidate other debts or access home equity.
