KenFinch.ca

Mortgage renewal

When does your mortgage renew?

Most people sign the letter their bank mails them. Shopping it 120 days out is usually worth a call. Tell Ken the month and he will check the market for you at the right time.

  • The 120-day window

    Lenders hold rates for up to 120 days. That is when Ken can shop your renewal properly, with no penalty.

  • Dozens of lenders, one call

    Banks, monolines and credit unions, including your current lender. Switching usually costs nothing.

  • No obligation

    If your bank's offer is the best one, Ken will tell you to take it.

Ken's Never List, renewals

Five things I would never do at my own renewal

  1. 1Sign the bank's renewal letter the week it arrives.
  2. 2Assume switching lenders costs money. On a standard renewal it usually costs nothing.
  3. 3Let one lender quote one term and call it a comparison.
  4. 4Renew into a longer amortization without asking what it costs over the life of the loan.
  5. 5Wait until the last 30 days. Rate holds run up to 120 days; that is the window.

Prefer to talk? Call or text Ken at (416) 520-5544.

Ken Finch, Mortgage Agent Level 1, Licence #M26000634. Mortgage services provided through Canada Express-Mortgage Inc., FSRA Brokerage Licence #13241. Real estate services provided by Ken Finch, Broker, Royal LePage Signature Realty, Brokerage. Independently owned and operated. A mortgage pre-approval is not a commitment to lend. Rates, terms, and approval are subject to lender criteria and may change without notice.