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Roughly 70% of people sign and send back the renewal agreement with their existing lender without considering all their options. This can end up costing them thousands of dollars as well as missed opportunities to address their current needs. 

The approach that many lenders take to renew a client's mortgage at the end of the term is often very disappointing to us and, honestly, is a problem across the lending industry. As such, we want to take a moment to explain why this happens.


The lender is a business that is there to make a profit. They will therefore offer you options that are in their best interest, not yours. Lenders employ mortgage renewal specialists whose sole function is to get you to renew with them, and they have targets that they need to reach. The renewal process that the specialist follows is carefully designed to create a sense of urgency, and pressure is often applied to get people to sign the renewal document ASAP before the "offer" is no longer available. The offer, however, may not even be competitive with other lenders.  


It is a good idea to proactively reach out to us between four and six months before your current term expires. Renewal presents an opportunity to evaluate where you are financially and to see if your original goals, objectives, or financial situation have changed since the mortgage began. Making the time to do this is well worth the time, as going back to address your needs after you have renewed can be a costly thing to do.

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