Mortgage Renewal
While most Canadians spend a lot of time, and expend a lot of effort, in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals.
Mortgage Renewal in Montreal & Quebec: Compare Before You Sign
Your bank sent you a mortgage renewal offer. But is it actually competitive?
Before you sign another 3 or 5 year term, compare the rate, payment,
conditions and alternatives available for your mortgage.
I help homeowners in Montreal, Laval, Longueuil, Brossard and throughout
Quebec review their renewal offer and compare mortgage options available
through multiple lenders.
Already have an offer? Send it to me and I’ll get back to you within 24 hours.
Is Your Bank’s Renewal Offer Actually Competitive?
This is one of the most important questions to ask before renewing.
Your current lender may offer you a fixed rate, variable rate or several
different terms. That does not automatically mean the offer is bad —
and it also does not mean it is the best option available for your situation.
Compare first. Then decide.
Sometimes your current lender may already have a very competitive offer.
In other situations, another lender may offer a better rate, different
conditions or a product that fits your plans better.
The goal is not to change lenders just for the sake of changing lenders.
The goal is to know what your options are before you commit to another term.
Can You Negotiate Your Mortgage Renewal With Your Bank?
A renewal offer does not necessarily have to be accepted exactly as presented.
One of the most useful ways to evaluate or negotiate your bank’s offer
is to know what other lenders may be able to offer for the same mortgage situation.
Want to stay with your current bank?
You can still compare first.
If you know what alternatives are available, you are in a better position
to evaluate the rate, term and conditions being offered.
Compare Your Mortgage Renewal Offers
Enter your current lender’s renewal offer and compare it with up to two
other mortgage options using the same mortgage balance and remaining amortization.
Compare offers that apply to the same type of mortgage and property.
A rate shared online may not apply to your situation.
Your Mortgage
$
years
1
YOUR CURRENT LENDER
Renewal Offer
%
2
COMPARE
Other Lender
%
3
COMPARE
Other Lender
%
Compare payment, interest, balance, fees and incentives side by side.
Mortgage Renewal Comparison
These numbers help you compare the offers.
Mortgage conditions also matter.
| Comparison | Current Lender | Option 2 | Option 3 |
|---|---|---|---|
| Interest Rate | |||
| Term | |||
| Rate Type | |||
| Estimated Payment | |||
| Estimated Interest During Term | |||
| Estimated Balance at End of Term | |||
| Estimated Fees | |||
| Cashback / Incentive | |||
| Interest + Fees − Incentive | |||
| Prepayment Privilege |
Compared With Your Current Lender
Not sure whether switching lenders is worth it?
Send me your renewal offer and I can help you review the differences.
This calculator provides estimates for comparison purposes only.
Actual payments, interest costs, lender fees, incentives and qualification
depend on the mortgage product, lender and your individual situation.
Someone Online Got a Lower Mortgage Rate. Can You Get the Same Rate?
Not necessarily.
Mortgage rates can vary depending on the type of property, mortgage structure,
remaining balance, equity, insurance status, qualification and lender criteria.
Make sure you are comparing the same type of mortgage.
A rate available for an insured owner-occupied home may not be the same
rate available for an uninsured mortgage, rental property, refinance
or another financing structure.
Fixed or Variable at Renewal? Start With Your Situation
Choosing between a fixed and variable mortgage is not only about
which interest rate is lower today.
Fixed Rate
A fixed mortgage provides a rate that stays unchanged during
the selected term.
Variable Rate
A variable-rate mortgage can change when the lender’s prime rate changes.
Your plans, budget and comfort with interest-rate changes all matter.
3-Year or 5-Year Mortgage Term?
A shorter term and a longer term can have different interest rates,
conditions and implications.
- Do you expect to sell the property?
- Could you refinance before maturity?
- Could your income or household situation change?
- How important is payment stability?
- How important is flexibility?
A Lower Rate Does Not Automatically Mean a Better Mortgage
Interest Rate
Compare the rate offered for your specific mortgage situation.
Payment
Understand what each option means for your regular payment.
Term
Consider whether the term fits your plans.
Prepayment Privileges
Compare how much additional principal you may repay.
Penalties
Review what could happen if you break the mortgage before maturity.
Flexibility
Portability and refinancing conditions may matter if your plans change.
Is It Worth Changing Lenders for a Slightly Lower Rate?
Not always.
A 0.10% lower rate does not automatically mean you should switch lenders.
The real question is whether the overall mortgage offer makes sense
after considering the costs and conditions.
Renewing a Rental Property?
A rental property should not automatically be compared the same way as
an owner-occupied home.
Property type, mortgage structure, available equity, cash flow and
lender criteria can affect the financing options available.
Renewal, Transfer or Refinance?
Renewal
You enter a new mortgage term when your existing term reaches maturity.
Transfer
You move your mortgage to another lender, subject to approval.
Refinance
You make larger changes such as accessing equity or increasing the mortgage amount.
How I Help You Review Your Mortgage Renewal
Review
We review your current mortgage, balance, maturity date and renewal offer.
Compare
I review mortgage options available through multiple lenders.
Decide
We compare the differences so you can make an informed decision.
Mortgage Renewal Questions
Is my bank’s renewal rate good?
It depends on your mortgage, property and available lender options.
Can I negotiate my mortgage renewal rate?
You can ask your lender to review its offer. Comparing other available options can help you evaluate it.
Should I choose fixed or variable?
Your budget, plans and comfort with interest-rate changes should all be considered.
Should I change lenders for a lower rate?
Not automatically. Compare the rate together with costs, incentives and mortgage conditions.
Mortgage Renewal Services in Montreal & Quebec
I am a licensed Quebec mortgage broker helping homeowners review
mortgage renewal options in Montreal, Laval, Longueuil, Brossard,
the South Shore, the North Shore and throughout Quebec.
Send Me Your Renewal Offer
Before you sign another mortgage term, let me review the rate,
payment and conditions and compare the mortgage options available
for your situation.
I’ll get back to you within 24 hours.