If your mortgage is up for renewal soon, it’s the perfect time to reassess your financial situation and ensure you’re getting the best possible deal. Many homeowners simply sign their renewal without exploring better options—this can cost you thousands of dollars in the long run. Here’s how you can negotiate a better mortgage renewal and save money.

1. Don’t Accept the First Offer Without Reviewing It

Lenders often send renewal offers with a posted rate that may not be their most competitive. It’s important to review the offer and compare it to market rates before accepting. In many cases, a better rate can be negotiated.

2. Start the Process Early

You can begin exploring your renewal options 4 to 6 months before your current term expires. This gives you time to compare lenders, negotiate rates, and ensure you’re making the best decision for your financial goals.

3. Negotiate with Your Current Lender

If you want to stay with your current lender, use competitive rates from other financial institutions as leverage. Lenders would rather offer you a better deal than lose your business. A mortgage agent can help you with rate comparisons and negotiation strategies.

4. Consider Your Financial Goals

Your financial situation may have changed since you first secured your mortgage. Ask yourself:

• Do you need a lower monthly payment?
• Would you like to pay off your mortgage faster?
• Do you want to tap into your home equity for renovations or investments?
  Understanding your goals will help you choose the best renewal terms.

5. Work with a Mortgage Agent for Expert Advice

A mortgage agent can shop around for the best rates and terms on your behalf, ensuring you’re not overpaying. Even if your best option is staying with your current lender, an experienced mortgage agent will help you negotiate the best possible rate.

6. Be Open to Switching Lenders

If another lender is offering significantly better terms, switching could be worth it. However, be sure to factor in any potential fees, such as appraisal costs or transfer fees. In many cases, the savings from a lower interest rate can outweigh these costs.

Final Thoughts

Your mortgage renewal is an opportunity to secure a better deal and improve your financial situation. Don’t just sign the first offer you receive—take the time to explore your options and negotiate. If you need help reviewing your mortgage renewal, reach out to CanTrust Mortgages today! Let’s ensure you’re getting the best possible terms for your home and future.

Looking for expert mortgage advice? Contact CanTrust Mortgages for a free consultation today!