Sample post: Three questions to ask when your renewal letter arrives
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Your renewal letter is a starting point, not your only choice. Before you sign, ask yourself these three questions.
Is the rate competitive?
Compare the offer with what other lenders would give you for the same term. Starting about 120 to 150 days before your maturity date gives you time to compare.
Do the features still fit?
Look beyond the rate: prepayment privileges, how the penalty is calculated, and whether the mortgage is portable if you move.
Has anything changed?
A new job, self-employment or plans to renovate can all change which option suits you best. Read more about mortgage renewal and switching lenders.
I'm Theeban Pathmanathan, a licensed Mortgage Agent Level 2 committed to helping Canadians achieve their homeownership goals. With access to over 50 lenders, I work to find you the best rates and terms for your unique situation. My approach is simple: put your needs first, give transparent advice, and make the mortgage process as smooth as possible.
Mortgage Agent Level 2, Licence #M14000189. FIN Mortgage – Dominion Lending Centres, Brokerage Licence #12825. Independently owned and operated.
This page is general information only and is not financial, legal or tax advice. All mortgages are subject to lender approval and qualification (O.A.C.). Rates, terms, programs and government rules change from time to time, so please speak with me about your own situation. Calculator results are estimates only and do not constitute a mortgage approval or offer. Theeban Pathmanathan, Mortgage Agent Level 2 (licence M14000189), FIN Mortgage – Dominion Lending Centres, brokerage licence #12825, independently owned and operated. Licensed by the Financial Services Regulatory Authority of Ontario (FSRA).