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Mortgage Renewal Coming Up? Here’s Why You Shouldn’t Just Sign the Letter
May 19, 2025 | Posted by: Cecile Morell
Mortgage Renewal Coming Up? Here’s Why You Shouldn’t Just Sign the Letter
If your mortgage is up for renewal this year, here’s your reminder from The Mortgage Boss®: don’t just sign the letter your lender sends you.
You have an opportunity to renegotiate, save money, and make your mortgage work better for your life. But most Canadians simply auto-renew out of convenience or confusion. Let’s change that.
What Happens at Renewal Time?
When your mortgage term ends (usually 1, 3, or 5 years), your lender will send you a renewal offer. It might look convenient, but it rarely includes the best rate or terms available on the market.
This is the perfect time to:
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Compare rates from other lenders
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Review your financial goals (pay down debt? shorten your term?)
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Consider switching lenders or renegotiating
Why You Shouldn’t Auto-Renew
Here’s what happens when you just sign the renewal letter without shopping around:
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You might get a higher interest rate than what’s available
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You miss the chance to renegotiate your terms
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You stay stuck in a product that no longer fits your needs
Working with The Mortgage Boss® means I’ll do the rate shopping and comparison for you—and walk you through whether switching makes sense.
Real Life Reasons to Review Your Renewal
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You’ve had a change in income or expenses
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You want to pay off your mortgage faster
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You’re carrying credit card or loan debt and want to consolidate
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You want to access home equity for renovations or investments
What If You Decide to Switch Lenders?
Switching lenders at renewal is easier than you think:
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There’s no penalty for switching at renewal
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I handle the paperwork and communication
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You could save thousands over your next term
Work with The Mortgage Boss®
I work with clients all across Ontario, Manitoba, and Canada to make renewals stress-free and strategic. My advice is always honest, and if your best move is to stay where you are—I’ll tell you.
Let’s make your mortgage renewal make sense.
