HOW TO RENEW YOUR MORTGAGE IN 5 EASY STEPS
- johnathanmcquoid
- Jan 17
- 2 min read
When your mortgage term ends, you’ll need to renew — unless you hit the jackpot and pay it off early. Most homeowners spend weeks researching their first mortgage but barely a few minutes reviewing their renewal offer. That mistake can cost thousands.
Here’s how to take control of your renewal and secure the best deal 👇
1️⃣ Review your renewal offer right away
Your lender will contact you 4–6 months before your term expires.
✔️ examine rate options immediately
✔️ check term length and flexibility
✔️ start comparing alternatives
Early review gives you time to negotiate or switch lenders if needed.
2️⃣ Research current mortgage rates
Rates change frequently, so comparing is essential.
✔️ check online rate trends
✔️ speak with multiple lenders
✔️ consult a mortgage broker
Knowing the market puts you in a strong negotiating position.
3️⃣ Negotiate with your current lender
Don’t accept the first offer.
✔️ ask for rate matching
✔️ request better terms
✔️ compare with broker options
Lenders rely on convenience — negotiating can save thousands over the term.
4️⃣ Switch lenders if your current lender won’t improve the offer
Transfers are simple and often cost-free.
✔️ new lender pays for basic transfer costs
✔️ no new funds added
✔️ opportunity to secure better rates or features
A full application is required, but the savings are often worth it.
5️⃣ Revisit your budget and consider increasing payments
Renewal is a perfect time to optimize repayment.
✔️ increase scheduled payments
✔️ reduce total interest paid
✔️ shorten amortization
Small increases can significantly reduce long-term mortgage costs.
💬 Final Thought
Mortgage renewals are one of the biggest opportunities to save money — but lenders count on homeowners taking the easy route. Reviewing the offer, comparing options, negotiating firmly, and considering a switch can lead to major long-term savings.
For a personalized renewal strategy or rate comparison, send The Frontline Mortgage Group a message anytime.