- who: Homeowner
- real estate goals: Mortgage renewal
- issues: Finding a competitive rate
About 6 months before your mortgage term ends, you’ll receive a new offer from your mortgage lender to renew. Before signing, it’s important to understand how competitive that offer is and to assess if your mortgage needs have changed.
When your current mortgage term comes to an end, your contract is renewed for another term with the same lender or a different one. This is a great opportunity to review your mortgage needs and look at different options that might work better for your current financial situation and goals.Â
Save big on your mortgage, which means more money for a vacation or to tackle that home project.
Get another opinion before you renew. We’ve made it easy to find your next mortgage.
When you work with Perch, we’ll get you the lowest rate available on renewal so you can save on your mortgage.
Compare your renewal offer using our mortgage search engine
Sign up to Perch and add your property details
Select your mortgage to start your renewal or chat with a mortgage advisor.
When you refinance, you'll unlock a lower cost of borrowing. This enables you to:
5-year variable
5-year fixed
If you decide to switch lenders, you will have to submit a new mortgage application. You should keep in mind the cost of switching and what approval criteria your new lender might use. Costs to switch can include a home appraisal, legal fees, administration fees and more. Sometimes your new lender might help with these fees since you are switching to them so it’s a good idea to get your mortgage advisor to ask.
If you have missed payments or have somehow not complied with your mortgage contract, your lender may choose not to renew your mortgage. They are legally required to tell you in advance of your current mortgage term ending, which should give you time to find another lender.
If you have a low credit score, it may be beneficial to work with a mortgage broker as they can find a lender that is more willing to accept clients with a weaker credit history. It’s important to note that you will most likely get a higher interest rate when going with a more flexible lender.
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Homeowners
