Overview
Review the renewal offer, flexibility and possible switching costs before choosing the next term.
At renewal, compare the existing lender's offer with other suitable options before the term ends. The interest rate matters, but so do payment flexibility, prepayment privileges, penalties, the remaining amortization and your plans for the property.
A straight switch to another lender is different from increasing the loan or refinancing. The new lender still has its own application and property requirements. Whether a qualifying-rate exemption applies depends on the applicable rules and the transaction; switching does not automatically mean no review or no cost.
Ask for a written comparison of discharge or transfer fees, legal work, appraisal, registration and any costs another lender offers to cover. A lower payment can reflect a longer repayment period rather than a lower overall cost. Review the balance and interest over the same period when comparing offers.
Key Features
How It Works
Free Consultation
We discuss your goals, review your financial situation, and determine the best mortgage strategy for you.
Compare Suitable Options
I compare rates, terms, lender requirements and costs, and help you work through the requested documents and conditions.