Download Application 
Renewal & Switch Mortgages
Mortgage Agent Serving the Durham Region, ON
Is your mortgage term ending? Don’t just sign the first offer your bank sends you. We provide the expert mortgage renewal strategies you need to lower your interest rates and improve your terms.
What is a Mortgage Renewal?
A mortgage renewal occurs when your current mortgage term (e.g., 5 years) comes to an end. At this point, your lender will send you a renewal letter with a "posted rate." However, you are under no obligation to stay. This is your most powerful opportunity to re-negotiate your interest rate or switch mortgage providers to a lender that offers better perks and lower costs.
Should You Switch Mortgage Lenders at Renewal?
The Benefits of Reviewing Your Mortgage Renewal Options
When your mortgage comes up for renewal, accepting your current lender’s offer may be convenient, but it may not provide the most suitable rate or terms available.
Reviewing your options before signing allows you to compare lenders and determine whether switching could better support your current financial goals.
Potential benefits may include:
- A More Competitive Interest Rate Another lender may offer a lower rate than the renewal offer provided by your current lender, potentially reducing your payments or overall interest costs.
- Different Mortgage Features You may be able to obtain better prepayment privileges, payment flexibility, portability options, or penalties that are more suitable for your needs.
- Possible Transfer Incentives Some lenders may cover or reimburse certain appraisal, legal, or transfer costs. Eligibility and available incentives vary by lender and mortgage type.
- More Suitable Terms Renewal is an opportunity to reconsider your term length, fixed or variable rate options, payment frequency, and amortization.
- Access to Additional Lender Options Working with a mortgage agent allows you to compare products from multiple lenders rather than relying only on the offer from your existing financial institution.
Switching lenders is not always the best choice. Qualification requirements, discharge fees, collateral-charge registrations, penalties, and other costs should be reviewed before making a decision.
As a licensed Mortgage Agent Level II with Mortgage Alliance, I can compare your renewal offer with available lender options, explain the potential costs and savings, and help you determine whether staying with your current lender or switching makes the most sense.
Contact Robert Silipo, Mortgage Agent Level II with Mortgage Alliance, to review your mortgage renewal options throughout Durham Region, the GTA, and across Ontario.
Local Mortgage Renewal Broker Serving the GTA
Robert Silipo and his team offers expert advice for those switching mortgage lenders in the Durham Region including Pickering, Ajax, Whitby, Oshawa, Clarington, Port Perry, Cannington, Beaverton, Brock, Uxbridge, Scarborough, Etobicoke, North York, Toronto, Markham, Vaughan, Richmond Hill, Newmarket, Brampton, Oakville, Milton, Mississauga, and across the Greater Toronto Area.
Ready for a Smarter Mortgage Renewal?
Your bank is looking out for their bottom line—let us look out for yours. Contact your local mortgage renewal broker today to see how much you can save in Newcastle, ON or anywhere in the GTA.