Over 65% of Canadians simply re-sign their mortgage with the same lender at renewal time. Remember that you do not have to renew with the same lender and should always consult with your mortgage broker prior to accepting any offer. In doing this you will ensure yourself the most competitive interest rate and terms at renewal time.
It is also possible to renew your mortgage early. You may opt to renew early if the current interest rates are much lower than your existing mortgage interest rate. There can be drawbacks to renewing your mortgage early such as payout fees, but these fees are often far less than the money you will save at the new lower interest rate.
If you are not sure if it makes sense to renew early, Contact us and we will be glad to run the numbers for you.
Get pre-approved for your renewal in advance.