Mortgage options
Renew with insight: your next mortgage chapter begins here.
As pivotal as your first mortgage, renewing comes with its own set of opportunities. With grown equity and a lower principal, you are in a stronger position to negotiate better terms. Yet many homeowners simply sign the renewal form that arrives in the mail. Let's change that.
The art of mortgage renewal: seizing your financial moment
Renewing your mortgage is as important a financial decision as selecting your first one. While renewing, you are in a stronger financial position than you were before. Your home equity has grown over time, and by decreasing your principal balance you are in a good position to negotiate.
However, many people prefer to just sign their existing mortgage renewal form without trying to get a good deal on the new mortgage. This can result in a higher rate and a mortgage package that does not cater to your individual needs. Lenders know that most people do not shop around, and their first renewal offer is priced accordingly.
With every renewal comes the opportunity to reflect and reassess your needs before you commit to a new term. Your current lender will send your renewal agreement before maturity, and that is the perfect time to ask Tisha for a second opinion. Better yet, reach out 4 to 6 months early: that is enough time to hold a rate, compare lenders, and switch if it is worth it, usually with the new lender covering the legal and appraisal costs on a straight switch.
"Your lender's first renewal offer assumes you will not shop around. Let's prove them wrong."
Who this is for
Renewal situations Tisha sees most
Renewing in the next 6 months
Early enough to hold a rate, late enough to make a decision. The ideal window.
Coming off a low pandemic-era rate
Payment shock is real. Tisha models the options: longer amortization, a shorter term, or a variable with a conversion option.
Want to add funds at renewal
Consolidate debt or pull equity for a renovation at the one moment there is no penalty to restructure.
Unhappy with your lender
Service, prepayment rules or portability. A switch is simpler than most people think.
Self-employed since your last term
Your income story has changed. Tisha makes sure the new lender reads it correctly.
Just want a second opinion
Send her the renewal letter. She will tell you in a day whether it is competitive.
How it works
A renewal done properly
- 01
Reach out early
Ideally 4 to 6 months before maturity. Tisha holds a rate so you are protected if rates rise.
- 02
Compare the offer
Your lender's renewal letter against the whole market, including prepayment privileges, penalties and portability, not just the rate.
- 03
Switch or stay
If staying is best, she will tell you. If switching wins, she handles the transfer and the new lender usually covers the costs.
- 04
Set the next strategy
Term length, payment frequency and prepayments, aligned with where your life is heading over the next few years.
When will my lender send the renewal offer?
Federally regulated lenders must send your renewal statement at least 21 days before maturity, and many send it 30 days or more ahead. That is still a short window to shop properly, which is why Tisha suggests starting the conversation 4 to 6 months out.
Do I have to requalify if I switch lenders at renewal?
The new lender will review your application, but for a straight switch (same balance, same amortization) the rules were relaxed in late 2024 so that most borrowers no longer need to pass the stress test again. Tisha will confirm what applies to your file.
Can I make a lump-sum payment at renewal?
Yes. At maturity you can pay down any amount without penalty before the new term begins. It is also a good time to shorten your amortization if your budget allows.
What if my renewal is more than 6 months away?
Tisha can still look at an early renewal or a blend-and-extend with your current lender, and compare that against waiting. Sometimes locking in early makes sense, sometimes it does not. Either way, you will know.
Related mortgage options
Free consultation
Send Tisha your renewal letter. Get a straight answer in a day.
Tell Tisha what you are trying to do and she will come back with options, not a sales pitch. Free, no obligation, no credit check to start.
- Over 20 years in retail banking
- Former mortgage underwriter: she knows what lenders want
- Banks, credit unions, monoline and alternative lenders
- Lender-paid on most residential mortgages