Mortgage Renewal

Defining Mortgage Renewal

A mortgage renewal is a new agreement to extend or renew mortgage terms with a current lender. The mortgage renewal occurs at the end of the mortgage term, which is not be confused with the amortization period (the entire lifetime of the mortgage). These mortgage terms are most commonly five years in duration. Lenders will often send borrowers reminders that the term is nearly up and then provide them with documentation to sign to renew the current mortgage for another term, based on the terms and conditions (including mortgage rate) outlined. You are not required to sign these documents and are free to consult with your mortgage professional to determine if possible savings exist with an alternative lender.

Your renewal could be an opportunity to save

The shocking statistic is that nearly 60% of mortgage borrowers simply sign and send back the first mortgage renewal offered to them by their lender, without even considering the multitude of options that could be available to them – including a potentially lower interest rate and more favourable terms that can give them greater security and savings. It’s time to consider your options.

You’re not required to sign the initial terms of your mortgage renewal from your current lender. Other more beneficial offers may exist and Shane would be happy to search over 100 lenders for you. Months before your mortgage is up for renewal, contact Shane for a free review and to explore your options to ensure that you’re getting the most out of your current mortgage and the lender’s proposed renewal terms.

Mortgage Renewal

If you have a current mortgage that is approaching your renewal date, which is the end of your predetermined term (usually five years), you can likely expect to receive a renewal letter from your current lender. Sadly, many Canadians forfeit thousands of dollars in possible savings by simply sign the document and return it to their lender without exploring current mortgage products available in the market. You are under no obligation to renew your mortgage with your lender and by reaching out to Shane for a free mortgage renewal review, you could obtain a lower rate and more benefits.

You should never accept your mortgage renewal without first consulting a mortgage professional to explore your options. While many people will spend a lot of time and effort in shopping for their initial mortgage, they fail to understand the same importance of their mortgage renewal and the role that it can play in saving money and paying off your mortgage faster by obtaining a better rate and more benefits. Your mortgage is likely one of your biggest expenses and as such, it is imperative to obtain great low rates and mortgage terms and conditions that Shane can help you obtain.

It’s a good idea to begin to explore your options four to six months prior to the expiration of your current mortgage term. Understanding that time is of the essence and Canadians are busier than ever, many lenders will not send out their renewal notices until very close to the time that your mortgage term expires. Utilizing this strategy, they believe that most borrowers will feel pressure to sign and return their renewal documentation without exploring their options with a mortgage professional and understanding if a better product may currently exist with a better available rate.

As mortgage experts, Shane and his experienced team understand the mortgage industry and the current products and great low rates being offered by the lenders they partner with. You can be assured that through a free mortgage review, you will receive the best options available to you and potentially unlock more disposable income each month by receiving a lower rate and subsequent lower payment. Don’t let a simple mortgage renewal review with Shane, which can be done entirely online or over the phone, stand in the way of saving yourself money each and every month.

If your current mortgage is not approaching renewal, but you’re wondering how to get additional funds from of your home equity (value), you may qualify to refinance your mortgage and access up to 80% of your home equity in funds to use as you see fit.

  • Shane is dedicated to providing the highest standard of excellence in service for his valued clients. All of his and his team’s services are free (O.A.C.).
  • A mortgage renewal occurs when a borrower agrees with a lender to extend their mortgage for another term past the expiration of their current term. A term often being five years (not to be confused with amortization).
  • When approaching the end of your current term, your lender will often send a document for you to sign and return to renew your mortgage as outlined.
  • You are under no obligation to sign and return any renewal document from your lender as you do not have to renew your current mortgage with them.
  • Shane recommends that you contact him four to six months prior to the expiration of your mortgage term to have him and his team review your mortgage renewal and determine what options may exist for you to save.
  • Your lender may send you a renewal notice very close to the end of your current term, this is meant to persuade you into agreeing with fully exploring your options which could represent large savings for you with each payment.
  • You may have better negotiating power for a better rate and terms when contacting Shane as you may have increased home value, an increased credit score, improved credit history, increased income, or better and more secure employment conditions favourable to lenders, offering better savings.
  • Even without better negotiating power, you can still be able to take advantage of low rate trends that may exist as opposed to when you initially received your mortgage with your current lender, potentially offering savings.
  • A free mortgage renewal review with Shane and his team can be completed entirely online using the latest in secure technology, or over the phone.
  • If your mortgage term is not nearing expiration but you are interested in converting your home equity into funds, contact Shane about refinancing.

Get a free mortgage renewal reivew

Shane will contact you in a timely manner through the method of your choice, and at a time most convenient to you, to review your renewal and explore how you could save thousands of dollars on your mortgage by reviewing the options available to you now.

The Benefits of a FREE Mortgage Review

Lower Rates

The ever-changing mortgage industry has likely changed since you first obtained your mortgage. As the industry changes, so do rates. You may be able to secure better rates on renewal with a different lender.

Favourable Terms

You may have the ability to negotiate or obtain a mortgage with more favourable terms, including fewer or less costly penalties, greater benefits and rewards, or even extended amortization for lower payments.

Updated Criteria

As time changes, so does your negotiating power with lenders. Since you first obtained your mortgage, you may have better negotiating power through improved credit, market changes, or increased home value.

Without Shane, you may be missing out on possible savings

By failing to contact Shane for a free mortgage review as you approach your mortgage term expiration, you could be missing out on saving thousands of dollars, stress-free and with little effort. Don’t hesitate to contact Shane if you have a mortgage renewal in the next six months.

If your mortgage is coming up for renewal in the next six months, contact me for a free no-commitment mortgage renewal review. During this quick and simple review, conducted entirely online or through the phone) we can review your current mortgage, your anticipated renewal offer, and explore if there are any current products that may be able to offer you a lower rate and greater savings and better terms than your lender’s upcoming proposal. I’m here to help.

― Shane Osmond, Mortgage Professional

Mortgage Renewal Process

While Shane and his team approach each client’s situation and circumstance in the best manner to benefit them and their financial situation and goals, they’ve outlined the general path undertaken by most of their clients as they approach their mortgage renewal and are looking to make sure they are receiving the most savings and benefits available to them. While this process may not represent your circumstance precisely, it is meant to be a general guide to understand the mortgage renewal process.

Step 1
Mortgage Renewal Upcoming
You may have received notice (from Shane if you're a past client or your lender) that your mortgage is approaching renewal. Your current lender will try to encourage you to sign your mortgage renewal without negotiation. However, Shane recommends contacting him for a free no-commitment mortgage review to see where you can save.
Step 1
Step 2
Contact Shane Osmond
You've decided you don't want to miss out on potential thousands in savings each year so you've contacted Shane, through one of the many contact methods on our contact page or by phone at (647) 641-2727, for a free mortgage review. You can also have Shane contact you through the method of your choice and at a convenient time.
Step 2
Step 3
FREE Mortgage Review
In person, by telephone, or online through a method of your choice, Shane and his team conduct a free mortgage review with you to review your current mortgage and financial situation, your present and future financial goals, and possible mortgage products in the current market that may be able to save you thousands of dollars.
Step 3
Step 4
Options Presented
After searching hundreds of local and national lenders, Shane and his team present you with the best options compared to your renewal. Honest and transparent, with no obligation to accept, they will either recommend accepting your upcoming renewal or explain the savings and betters that another mortgage product could you offer you now.
Step 4
Step 5
Renewal/Application Submitted
If appropriate, after a detailed analysis, Shane will recommend you accept your upcoming renewal as your best offer and you can have peace of mind that no other better options existed. If so, Shane will give you tips and guide you through completing your renewal.

Most likely, if another product is better suited to save you money, through a great low rate, lower payments, and better terms, Shane and his team will work with you to quickly and efficiently obtain your full application and begin processing your new mortgage financing.
Step 5