Hey, homeowner! If your mortgage renewal is creeping up on you like unexpected plans you forgot about, take a deep breath. You’ve got options — and they’re way better than just signing that automatic renewal your lender sent over.

Here’s the deal: 1.2 million Canadians will renew their mortgages in 2025, and many of them will be moving from low rates (around 2%) to something… well, a bit higher. Those renewal letters might come with some sticker shock. But don’t worry — you’re not alone, and we’ve got this!

Start Early and Lock It Down

Your lender will likely send you a renewal notice 4-6 months before your term ends. Regardless of whether you receive it, be proactive and connect with your trusted mortgage broker (hi, that’s me!). By starting early, we can explore your options and secure a rate hold for up to 120 days, giving you peace of mind and flexibility.

Here’s the magic of a rate hold:

• Rates go up? You’re locked in at the lower rate.

• Rates go down? You get the better deal.

• Either way, you win.

Plus, working with a mortgage broker helps you understand how any rate changes will impact your payments, ensuring you’re prepared for the next phase of your mortgage. This early planning makes the renewal process smoother and ensures you’re making the best choice for your financial situation.

Shop Around Like You Mean It

You know how you always check reviews before buying a new gadget? Or at least you say you will, right? Your mortgage should be treated the same way. Your current lender might not offer the best rates or terms anymore, and sticking with them out of convenience could end up costing you more in the long run.

That’s where a broker comes in. We have access to multiple lenders and products, so we’ll find the one that’s the perfect fit for your life — whether it’s a fixed or variable rate, a shorter term, or a special feature you didn’t know you needed.

Turn Your Renewal Into an Opportunity

Renewal time is a chance to hit “refresh” on your financial goals. Here are a few options to consider:

• Refinancing: Want to renovate your kitchen, consolidate high-interest debt, or fund your dream vacation? Renewal is the perfect time to refinance without penalties.

• Home Equity Line of Credit (HELOC): Need access to extra cash for unexpected expenses or future projects? A HELOC could be the flexible option you’re looking for at renewal time.

• Title Changes: Life happens — marriage, divorce, or changes with a co-signer. You can make those updates at renewal.

• Switching It Up: Stuck in a fixed rate but eyeing a variable one? Or vice versa? Now’s the time to explore your options.

Why a Broker Is Your Secret Weapon

When you work with a broker, you’re not just another client. We’re here to:

• Find you the best rates and terms from a variety of lenders.

• Monitor the market so you don’t have to.

• Handle the paperwork (because no one enjoys that).

• Help you make sense of it all, without the jargon or stress.

And guess what? Our services are free to you. Yep, free.

*In full transparency, some alternative lending options may include a fee, and are always discussed with you up front.

The Bottom Line

Renewing your mortgage doesn’t have to feel like a chore — or a financial headache. It’s an opportunity to make your money work smarter. So, before you sign anything, let’s chat. Together, we’ll make sure your next mortgage term sets you up for success.