When it comes to your mortgage renewal, simply signing the bank’s offer and hoping for the best could cost you thousands. The good news? With a little preparation and expert guidance, you can turn your mortgage renewal into an opportunity. Here’s your cheat sheet to getting ahead of the game.
1. Start 6 Months Early: The Magic Window
Most lenders send out renewal offers around 30 days before your term is up. That’s not nearly enough time to explore your options and get the best deal. Instead, the ideal time to start preparing is 6 months before your renewal date.
Why so early?
- We can update your file and refresh credit consent without rushing.
- You’ll have time to gather the necessary documents with zero stress.
- This gives us a runway to position your file for success well in advance.
2. Rate Holds = Peace of Mind (and Potential Savings)
Starting early also means we can start submitting your file for rate holds up to 120 days (4 months) before your renewal date. That gives you a major edge:
- If rates drop, we can adjust your file and grab the lower rate.
- If rates rise, your original rate is locked in and protected.
It’s a win-win. There’s no guesswork and no last-minute scrambling.
3. Time to Fix the Paperwork (If Needed)
Sometimes paperwork or documents have issues. When you wait until the last minute, there’s no wiggle room to fix things without risking delays. By starting early, we have time to:
- Correct and re-submit any problem documents.
- Respond to lender questions without pressure.
- Keep the process smooth and drama-free.
4. Renewal Isn’t Always the Right Move
Here’s something many people don’t realize: renewing your mortgage isn’t always the best option. Your life may have changed since your last term — and so might your financial goals.
Some situations where a refinance might make more sense:
- You want to consolidate high-interest debts.
- You’re planning major renovations or home upgrades.
- You need access to equity via a HELOC (Home Equity Line of Credit).
Starting early lets us explore these strategies together, without being boxed in by a looming deadline.
Bottom Line: Don’t Just Sign and Hope
Your mortgage renewal is a chance to reset, optimize, and save. But only if you plan ahead.
Start 6 months early, lean on our expertise, and give yourself the time to make the best decision possible. Whether it’s locking in a great rate, adjusting your plan, or refinancing for a better financial future — we’re here to guide you every step of the way.
Have a renewal coming up? Let’s chat today and set you up for success.