Master your Mortgage Renewal

If you’re one of 60% of homeowners in Canada whose mortgage is renewing this year, you might be tempted to take the easy route. With rising interest rates and the cost of living increasing, this year’s renewal is the perfect opportunity to be strategic. A mortgage renewal is more than just signing paperwork; it’s a chance to reassess your goals and needs, and potentially secure a better deal. Whether you aim to lower your payments or shorten your amortization period, your renewal is the ideal time to make those changes.

Gene Myles, Manager, Sales & Service at Rapport – A Division of WFCU Credit Union, provides the top five tips to set yourself up for a successful mortgage renewal.

1. Start the Conversation Early and Review

Start reviewing your mortgage 6 to 12 months before renewal. This allows you plenty of time to compare, negotiate, and lock in a rate if it makes sense. Make sure you review all rates, terms, and conditions before signing.

2. Use your Renewal as a Financial Check-In

A mortgage renewal is a great opportunity to review your goals. This could include financial objectives, like managing monthly payments or paying down debt, or personal ambitions, such as growing your family or downsizing. Your mortgage should support your lifestyle, not limit it.

3. Choose the Right Rate and Term

Interest rate uncertainty remains an important factor. When choosing between fixed and variable options, consider your comfort with payment changes, how long you plan to stay in your home, and whether a shorter–term fixed– or adjustable–rate mortgage better fits your goals.

4. Look Beyond the Rate

Not all mortgages are the same. Pay close attention to prepayment options, penalties, and flexibility. A slightly higher rate with better terms can save you money if you plan to move, refinance, or pay off your mortgage faster.

5. Get Advice, Not Just a Rate

A slightly lower rate isn’t always the best deal.

That’s where we step in – we’re committed to providing advice that works for you. Collaborate with one of our trusted advisors who can explain trade–offs and help you choose a solution aligned with your long–term goals.