Mortgage Renewals & Switches: Don’t Just Sign, Save.
Your bank’s first offer is rarely their best. Let Steven Murdoch negotiate a better deal for you.
When your mortgage term comes to an end, your lender will likely send you a renewal letter in the mail. It’s designed to be “easy”—just sign the paper and move on. However, over 60% of homeowners accept these offers without shopping around, often costing themselves thousands of dollars in “rate remorse.”
Your renewal is a massive opportunity to hit the reset button. It’s the one time you can switch lenders to secure a lower rate or better terms without paying a prepayment penalty.
Why Renew with Steven Murdoch?
- The 120-Day Advantage: We can start looking at your options 4 months before your current term expires. I can lock in today’s best rates, protecting you from increases while we monitor the market for even lower dips before your closing date.
- Unbiased Market Access: Your bank only has one set of products. I have access to a directory of Canada’s top lenders, including big banks, credit unions, and alternative lenders, ensuring you get the most competitive rate you qualify for.
- No-Cost Expert Advice: My services for a standard switch are typically free, as the new lender often covers the appraisal and legal fees to earn your business.
- Customized Strategy: Has your life changed since you first signed? I’ll ensure your next term has the flexibility you need—whether that’s lower prepayment penalties, a different payment frequency, or a Home Equity Line of Credit (HELOC).
The Power of 0.20%
Small numbers make a big difference over time. On a $400,000 mortgage with 20 years remaining:
- A difference of just 20% saves you $3,688 over a 5-year term.
- A difference of 40% puts $7,369 back in your pocket.
This isn’t just “bank math”—this is after-tax savings that adds real value to your family budget.
Is It Time to Switch or Refinance?
Since there are no prepayment penalties at the end of your term, this is the perfect time to explore more than just a new rate:
- Lower Your Payments: We can re-evaluate your amortization to improve your monthly cash flow.
- Access Equity: Need to consolidate high-interest debt or renovate? I can help you tap into your home’s equity at the lowest possible cost.
- Avoid Hidden Fees: Some “ultra-low” online rates come with “bona fide sale” clauses or massive penalties. I read the fine print for you to ensure your mortgage is as flexible as your life requires.
Frequently Asked Questions
When should I start the process?
Ideally, we should connect 120 days before your maturity date. If you aren’t sure when your mortgage expires, give me a call—I can help you find that date and set a reminder.
Will I need an appraisal or extra paperwork?
If we switch lenders to get you a better deal, some paperwork is required, but I handle the “heavy lifting.” Frequently, the new lender will cover the cost of the appraisal and legal work to facilitate the transfer.
What if rates drop after I lock in my renewal?
I monitor the rates right up until your renewal date. If a better offer becomes available before we close, I’ll secure it for you.
Don’t leave your renewal to chance.
You’ve worked hard for your home; let me make your mortgage work harder for you. Contact me today for a free, no-obligation renewal audit.
