When your mortgage term ends, your bank will usually send you a renewal offer. It’s easy to just sign it, but that offer isn’t always the best rate or terms available to you. I help homeowners across Abbotsford, Chilliwack, Mission, and the Fraser Valley compare their options before they renew, so they can make an informed choice.
With more than 20 years in banking and access to a wide range of lenders, I’ll review your current mortgage and show you what else is available. I offer consultations in English, Urdu, Hindi, and Punjabi.
Don’t just sign your bank’s renewal offer
Your lender knows that many people renew without comparing. That’s why the first offer isn’t always the most competitive. Before you sign, let me check what other lenders can offer you.
Start early: 120 days before your renewal date
Many lenders let you secure a rate up to 120 days before your renewal date. Starting early gives us time to compare options, gather documents, and avoid a last-minute rush.
Switching lenders at renewal
You may be able to move your mortgage to a new lender at renewal without a prepayment penalty. Since November 2024, if you switch lenders at renewal without increasing your mortgage amount or extending your amortization, you generally don’t need to pass the mortgage stress test again. That makes switching easier for many homeowners.
Renewal is also a good time to review your goals
Your renewal is a chance to look at the bigger picture:
- Should you choose a fixed or variable rate?
- Would a shorter or longer term suit your plans?
- Do you want to pay your mortgage off faster?
- Would you like to access home equity for renovations, debt consolidation, or an investment?
What clients say
“I left my mortgage renewal to the last minute and he came through for us in a pinch!”
— Greg S., Google review
Frequently asked questions
When should I start looking at my renewal?
About four months before your renewal date. Many lenders let you secure a rate up to 120 days in advance.
Can I switch lenders at renewal?
Often, yes. At renewal, you can usually move to a new lender without a prepayment penalty.
Do I need to pass the stress test again to switch lenders?
Generally not, if you’re not increasing your mortgage amount or extending your amortization.
Does it cost anything to use a broker for my renewal?
In most cases, there’s no fee to you, because the lender pays the broker. In some situations a fee may apply, and if so, I’ll always explain it and confirm it with you upfront, before you commit to anything.
Ready to start?
Let’s review your renewal, with no cost and no obligation. Call me at 604-807-6428 or email faisalwaheed@dominionlending.ca. I meet clients at my office in Abbotsford and by appointment in Surrey.