3 QUESTIONS TO ASK BEFORE RENEWING YOUR MORTGAGE

Over a million mortgages in Canada are expiring this year. If your mortgage is one of them, here are some smart questions to ask before signing on to a new contract.

1. What are my current priorities?

   This is a good time to review your mortgage needs and make sure you have the right product. For example, consider if your budget allows you to increase your payments to pay off your mortgage sooner and save on interest. Also, think about whether you’re satisfied with the services offered by your current lender.

2. Are there better options out there?

   You don’t have to renew your mortgage with the same lender. You may want to shop around and compare various lenders and mortgage brokers to see if they offer better alternatives.You may decide to switch your current lender for a loan of the same amount. If this is the case, the new lender will need to approve your mortgage application. Just keep in mind they may use different criteria to decide if you qualify. It’s also important to know that changing lenders will include fees, such as setup fees, appraisal fees and other administration fees.

3. Have I gotten the best deal from my lender?

   Negotiate with your current lender to get a lower interest rate. You can even tell them about offers you received from other banks. You could also ask to change your variable rate to a fixed rate, as this could lower your interest charges. If you don’t act, your current mortgage could renew automatically, meaning you may not get the best interest rate and conditions.

Learn more about mortgage renewals at canada.ca/money

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2025-03-11T13:31:33Z