Tips to consider before Renewing your Mortgage

If you have cash to pay off your mortgage all power to you. However like most of us, we have an outstanding mortgage. Renewal time comes around at least once a year. All this means is renewing your existing mortgage balance with a different rate, preferably this time at a lower rate.

So rather than rushing to the bank to sign your renewal documents, why not prepare in advance, and take some time to write down some questions to ask your mortgage provider prior to meeting or signing anything.


Here are 3 things you may want to consider at time of your renewal:


  1. What is your long term goal and financial situation– Ensure your mortgage broker can provide you with a product customized to fit your financial needs. For example, why lock yourself into a 5 year term when you know in a year or two you will want to relocate, downsize, or even upgrade.  It simply does not make sense. So now you would need to consider perhaps an earlier term. An important note: One must research before signing on the dotted line.


  1. Don’t wait till the last minute to look for a mortgage broker. It’s best to be well prepared and informed ahead of time. Did you know you can start shopping around as early as 4 months prior to the maturity date? This is the time you may want to start negotiating on who can offer you the best rate/product. Give yourself ample time so that your mortgage broker chooses the best product for you, as well have all the documentation prepared for you so it is a smooth transition come renewal time.


  1. Don’t be afraid to ask for the best rate. People seem to be scared to ask their mortgage agent or lenders for a better rate than what they are offering.  In most cases, people believe that the rate that is being offered is the only rate they are capable of getting. You might be surprised, however, this is not always said to be true.  If they really want your business, rest assured, your mortgage provider will try their very best to get you the best rate. If they cannot, and you still are not comfortable with the rate that you are receiving, as stated earlier, you are free to shop around. The difference between with a mortgage broker and other financial institutions, not only can a mortgage broker quickly pull up your credit report, they also have access to a variety of lenders at their fingertips willing to offer them the best rates.


After your first initial appointment with your mortgage agent, ensure that you ask for a rate-hold of their rate/product. By requesting for this, you are protected anywhere from 90-120 days on the rate offered to you. Keeping in mind, should the rates go down; you are able to negotiate to the lower rate.

Finally, although the easiest thing to do is sign your renewal slip, remind yourself that you may be rejecting a better offer. At Noble Mortgages, we always ensure our clients get the best lenders, and the best product for your financial needs.


For more information contact Noble Mortgages @ 416-241-2227 or send us an email at