01. A rate-shopping report
I pull rates and terms from 40+ lenders and lay them next to your bank's offer. You see the numbers, you decide.
Don't sign the first letter.
Your bank's renewal offer is almost never their best rate - it's just the easiest one for them. I shop 40+ lenders fresh and routinely save renewing clients tens of thousands of dollars over the term. Same paperwork. Better answer.
Most renewals get handled in 15 minutes by someone who's never seen your file. We do it differently.
I pull rates and terms from 40+ lenders and lay them next to your bank's offer. You see the numbers, you decide.
If you're breaking early, I run the IRD vs. three-months-interest math down to the dollar - so you know if the switch actually pays off.
Where are we in the rate cycle? What's the historical break-even? I'll show you both sides instead of pretending I have a crystal ball.
5-year fixed isn't always the answer. Sometimes a 3-year, sometimes a variable, sometimes a hybrid - depends on your plans and the curve.
Most renewals come with new prepayment terms - 10/10, 15/15, 20/20. I'll match the privilege to how you actually use your mortgage.
If your bank's offer is genuinely competitive, I'll tell you to sign it. That happens - less often than you'd think, but it happens.
It's the easiest moment to restructure your mortgage. Add a HELOC, refinance, switch lenders, or just lock in a better number.
Often $0 cost to you
Most lenders cover the legal and appraisal fees when you switch to them at renewal. You get a better rate without paying to move.
120-180 days out
Most lenders will let you renew 4-6 months early without penalty. We can lock a rate now if rates are rising.
Up to 80% LTV
Renewal is the cheapest time to pull equity, add a HELOC, or restructure. No penalty on the maturing portion.
Optional add-on
Some lenders offer a once-per-year skip-payment feature. A nice cash-flow safety valve.
Varies by lender
A handful of lenders are throwing $1,000-$3,000 cash-back to win renewal business right now.
Up to 65% LTV
A re-advanceable mortgage with a HELOC component is easiest to set up at renewal time.
“Your bank assumes you won't shop. Most people don't. The ones who do, save thousands - sometimes tens of thousands.”- Jeremy LaHaie
Here's what usually happens: your bank sends a letter 60-90 days before your maturity date. The rate looks roughly normal, you sign it and mail it back. Three minutes. Done.
The problem is that 'roughly normal' rate is often 0.20-0.40% above what the same bank would offer a brand new customer that week. Over a 5-year term on a $400,000 mortgage, that's $10,000-$20,000 you handed back to the bank.
My job is to make that phone call easy. Send me the letter. I'll shop your file against 40+ lenders and come back with a side-by-side. If your bank's offer is genuinely competitive, I'll tell you.
Switching, by the way, is mostly painless. The new lender pays your legal and appraisal fees in most cases.
120-180 days before your maturity date. That's the window where most lenders will hold a rate for you, and it gives you time to switch lenders if it makes sense.
Usually, yes. Banks offer renewal customers worse rates than new customers because most people just sign and move on. That delta over a 5-year term is often $10,000-$30,000+.
About 30 minutes of your time. New application, document gathering, and the new lender handles the discharge of your old mortgage. Most lenders cover legal and appraisal costs.
Depends on the rate cycle, your risk tolerance, and your timeline. I'll show you the math on both.
Send me the offer. About 80% of the time I can beat it materially. The other 20%, your bank is actually being competitive and I'll tell you to sign.
We can run the penalty math. Big-5 fixed mortgages often have steep IRD penalties; mortgage finance companies and variables are usually just 3 months' interest.
Questions answered by Jeremy LaHaie, mortgage professional with INVIS Inc., serving Winnipeg, Ste Anne, Steinbach, and all of Southeast Manitoba. Call or text (204) 995-7336.