Plan your mortgage renewal (before you sign)

Plan your mortgage renewal (before you sign)

October 9th, 2013 by Lisa J. Gryba, AMP

Automatically signing a renewal without looking for better terms could cost you thousands of dollars


You could be missing out on thousands of dollars in interest savings by not planning your mortgage renewal to your best advantage.

CMHC studies show that 80% of consumers intend to shop for a better deal at renewal time; however, only 30% of all consumers actually do.

In fact, over one-half simply sign their renewal, accepting the lenders first offer without question, negotiation, or investigation.

Although interest rates can be locked in months in advance of a renewal date to protect mortgagors from rate increases, most lenders wait until just 30 days before the maturity date to send their clients a renewal notice.  In some cases, the notice comes only 2 weeks before the maturity date. Here’s why…

Why lenders give little renewal notice

1) It allows the lender to avoid costs by only protecting you from rising rates for 30 days.

2) Your lender can significantly limit your ability to shop around for a better deal.

An accredited mortgage professional (AMP), like myself, can help you take control of your renewal to get the best possible interest rate for which you are eligible. For example, I can arrange for a rate hold 120 days prior to your renewal.  This will protect you from rising interest rates, but if rates drop before your renewal date, you will get the benefit of the decreased rate.

Since the majority of Canadians believe that interest rates are on the rise, it is very important to contact us as early as four months before your renewal, so we can lock in today’s best rate. If interest rates increase during that period, you will still get the lower rate. If rates decline, you will get the lowest rate available during the 120-day period.

Consider refinancing other debt

Renewal time is also an excellent time to consider refinancing your high interest debt like credit cards and finance company loans into your mortgage, as no penalty would be applicable at the end of your existing mortgage term. Handled properly by professionals, a mortgage refinance can save you thousands in interest charges and significantly increase your monthly cash flow.

How I can personally help you…

  • Review your options for renewal and refinancing to determine how much money we can save you.
  • Save you time by ‘shopping’ the lenders for you.
  • If contacted before signing the renewal agreement you receive from your lender, help you find a better deal or confirm that the deal your lender is offering is the best deal for your circumstances.


I am a passionate and dedicated mortgage professional, devoted to enabling my clients to obtain the best mortgage products and interest rates for their needs.


Message from Realtor Rosalie Drysdale

Looking to buy your next or first home, or for a really good investment property?

By far the best  way to find your next home is to simply contact me by phone or email. We’ll discuss exactly what you’re looking for and keeping you within your budget.

My clients have found my marketing plan to be second to none. To find the right buyers for your home. we use the MLS  Listings, also your home will be featured in printed publications, and posted on different internet sites

( and ) plus posting your property on social media

( twitter @rosaliedrysdale and Facebook )

To contact Realtor Rosalie Drysdale , call me at 204.999.7673 or by Email