The urge is strong to just make a choice, sign the form and be done with it. Tempting as it may be, please take the time to read the offer and reach out to a licences mortgage broker. The bank truly has its best interest at heart and the market is constantly changing and evolving. Time to look after yourself and make sure that the decision you make is not leaving thousands of dollars in savings on the table before taking the time to consider all options.

Mortgage brokers are very well informed on all mortgage offers, payment terms, amortizations for all mortgage opportunities to make sure when your renewal is taking place a proper decision is made to help you manage cashflow, reduce costs, take advantage of any lender cash incentives and guide you through the process versus a ‘just sign here option’

The current lender may also offer you a window to get out of the current mortgage early (by a few months) and waive the penalty, why not have a mortgage broker advocate for you, normally starting the process 6 months before your eventual maturity and then lock in a guaranteed rate 120 days before the mortgage matures. Mortgage brokers can also provide lenders who can offer you a lower rate, should the market allow, however how is your existing lender going to monitor rates and offer you the lowest during that period, when normally, it’s just ’sign here and take this deal’

A competitive offer to benchmark your bank renewal offer is always a prudent choice.