Step One: Turn Down the Noise
News, TV, radio, social media—even well-meaning family members and friends. Rate headlines are like fast food: quick, loud, and rarely nourishing.
Don’t wait until the last minute. Start planning at least 6 months in advance. Banks and lenders often create unnecessary panic by waiting until 30 days before your maturity/renewal date. They’re running a retention campaign and will be relentless with calls and emails. Don’t fall for their tactics.
What’s Important in a Mortgage Renewal and What Should You Consider?
1. Can you afford the new mortgage payment?
About 1.15 million mortgages are maturing in 2026, and 60% of homeowners will face a 15-20% payment increase. If you would have financial troubles with the higher payment, then adjusting your amortization would help reduce the new payment shock.
2. Are you planning to move or purchase a secondary property?
Considering a new home or cottage soon? Let’s explore your options now so that when the time comes to buy, everything is already mapped out and ready to go.
3. Are you carrying other debts besides your mortgage?
If yes, you could benefit from consolidating them into your mortgage. The result? Improved cash flow and significant interest savings.
4. Do you have major expenses coming up?
A mortgage typically offers the lowest cost of borrowing. Examples include: new roof, siding, windows, kitchen/bathroom renovations, or a new deck.
Where to Start?
1. Is your mortgage maturing in the next 6 months?
If yes, call me to start the process. Don’t wait until the 11th hour unless you enjoy unnecessary stress.
2. I’ll guide you through the rest to ensure you have a pleasant, stress-free experience.