Mortgage Architects™
Pete Kolackovsky, B.Sc.


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When does your mortgage renew?

NEVER simply renew a mortgage without shopping around. A mortgage renewal is an important moment of opportunity. Even a tiny difference in  rate can add up to thousands of dollars, making it worthwhile to switch lenders. Having multiple lenders compete for your business is a great way to ensure you get the best rate for your renewal.

Other points in your favour:

  • When your mortgage is up for renewal you escape the payout penalty that would normally be paid during a closed mortgage term
  • An interest rate may be locked in up to 120 days prior to the renewal date. Without a rate-lock if interest rates rise during this period you lose substantial money. On the contrary, having a low rate locked in protects you from these increases thus saving you a lot of money!
  • It may be good timing to pull equity from your home - debt consolidation (rolling high interest debt into low interest debt), renovation projects, repairs, investments, a vacation, anything productive you could use your money on. Many Canadian homeowners refinance for these purposes, but pay large payout penalties to do so. This money stays in your pocket.

Please take a moment to enter your email address and the maturity date of your mortgage. With no cost or obligation, I will contact you 4 months prior to your renewal date to lock in a low rate for you.  This will give you peace of mind - no need to worry about rates increasing prior to your new term.

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