Smart Money Moves to Prepare for Mortgage Renewals

With interest rates higher than they’ve been in years, many families are facing the reality of larger mortgage payments at renewal time. While this can feel overwhelming, knowing what your options are is an opportunity to ensure your mortgage matches your family’s lifestyle.

Why Auto-Renewing Could Cost You
Most lenders send a renewal letter with a pre-set rate. It feels convenient to just sign and move on, but that convenience often comes at a cost. You may be locking yourself into terms that aren’t the best fit for your family’s finances or long-term goals.

The Power of a Second Opinion
A quick mortgage renewal and rate review with a mortgage professional can uncover better rates, more flexible terms, and strategies that align with your goals. Even a small difference in rate or structure can translate into thousands of dollars saved over the life of your mortgage.

How Mortgage Experts Help Families Save
Unlike a single lender, mortgage brokers compare multiple options across the market. That means more opportunities to lower your payments, free up room in your budget, or explore solutions like debt consolidation or prepayment strategies. Renewal time is the perfect time to evaluate your options.

Key Steps to Take Before You Renew

• Gather your renewal letter
• Review your household budget to get clear with your spending habits
• How will higher payments impact your cash flow?
• Book a quick call with your mortgage broker to compare options
• Decide on a strategy that supports your family’s future

Turning Renewal into an Opportunity
From fixed versus variable rates to amortization adjustments and prepayment privileges, there are often choices your lender doesn’t highlight. Having professional advice ensures you see the full picture, and can turn your renewal decision into a chance to save, shorten your mortgage timeline or re-align your finances with your goals.

Call to Action
Don’t just renew — review. If your mortgage renewal is approaching, call me today to explore the best options for your family. A quick review now could mean real savings and a stronger financial future.

 

Rhonda Stark, Mortgage Agent, Level 2, Mortgage Intelligence,
(519)868-6794, www.rhondastark.ca, www.facebook.com/YourMortgageResourceConnection/