Mortgage Renewals

Opportunities at Renewal: Making the Most of Your Mortgage Renewal

Your mortgage renewal is more than just another date on the calendar—it’s a valuable opportunity to re-evaluate your financial situation, explore new possibilities, and align your mortgage with your current goals. At renewal, you’re free to make changes without penalties, so let’s dive into your options and what they mean for you.

1. Accept the Renewal Offer from Your Current Lender

What it is: This is the simplest option. Your current lender sends you a renewal offer, and you sign to continue your mortgage as-is, possibly providing updated documents such as a recent pay stub, property tax statement, and proof of home insurance.

Pros:

Ease and simplicity: No new applications or in-depth paperwork.
Familiarity: You’re staying with a lender you already know.
Time-saving: Quick process, perfect if you don’t want to shop around or make changes.

Cons:

Potentially higher rates: Your lender may not offer the most competitive rate available in the market.
Limited flexibility: You might miss out on better terms, benefits, or services another lender could offer.

Chat with Jacquie

Phone: 613-882-3201

jacquie@jacquiebushell.ca

Online Booking Calendar

Don't Miss Your Mortgage Renewal

Fill out my web form and I will personally email you to remind you of your mortgage renewal.

Sign-Up

Pro Tip: While 70% of borrowers simply sign their renewal offer, it’s worth comparing rates and terms to ensure this option is truly the best fit for your financial goals.

2. Switch or Transfer to a New Lender

What it is: This option involves moving your mortgage to another lender, often to secure better rates, terms, or services that align with your needs.

Pros:

Ease and simplicity: No new applications or in-depth paperwork.
Familiarity: You’re staying with a lender you already know.
Time-saving: Quick process, perfect if you don’t want to shop around or make changes.

Cons:

Potentially higher rates: Your lender may not offer the most competitive rate available in the market.
Limited flexibility: You might miss out on better terms, benefits, or services another lender could offer.

Collateral Transfer (An Advanced Switch Option)

What it is: For mortgages with a collateral charge (often combined with a line of credit), this allows you to:

Combine your mortgage and line of credit into one.
Push your amortization back to the original term (e.g., 25 years) to lower payments.
Use the equity to pay down debt, renovate, or achieve other financial goals such as pay for tuition, renovations, and high-interest debt.

Pros:

Flexibility: Access equity without penalties.
Consolidation: Combine debt and lower your overall monthly payments.
Savings: Transfer fees are often covered by the new lender.

Cons:

Potentially higher rates: Your lender may not offer the most competitive rate available in the market.
Limited flexibility: You might miss out on better terms, benefits, or services another lender could offer.

Pro Tip: If you’re unsure whether your mortgage is a standard or collateral charge, I can help you figure it out and explore if this is a suitable option.

3. Refinance Your Mortgage

What it is: Refinancing allows you to access your home equity to fund major life expenses, consolidate debt, or invest. At renewal, it’s the perfect time to consider this option because there are no penalties for breaking your mortgage term.

How It Works:

You can borrow up to 80% of your home’s value minus the outstanding mortgage balance.

Example:
Home Value: $500,000
80% of Value: $400,000
Remaining Mortgage: $200,000
Equity Available: $200,000 – this is your money to do with as you please

Pros:

Access to funds: Tap into equity to fund renovations, education, or even another property purchase.
Debt consolidation: Pay off high-interest debt with lower-rate mortgage funds.
Flexible use: Use the funds for anything from tuition to investment opportunities.

Cons:

Legal and appraisal fees: Refinancing often requires a full application and fees.
Increased borrowing: You’re taking on more debt, which requires careful consideration.

Chat with Jacquie

Phone: 613-882-3201

jacquie@jacquiebushell.ca

Online Booking Calendar

Don't Miss Your Mortgage Renewal

Fill out my web form and I will personally email you to remind you of your mortgage renewal.

Sign-Up

Pro Tip: Refinancing can be a smart move to regain financial stability or take advantage of opportunities, but it’s essential to weigh the costs and benefits with an expert.

How to Choose the Right Option for You

The best choice depends on your unique situation. Consider:

Your financial goals: Are you looking to save, invest, or consolidate debt?
Your current lender’s offer: Is it competitive, or should you shop around?
Your lifestyle changes: Are you planning for renovations, education, or life events?

Let’s Explore Your Options Together

Renewal time is your chance to align your mortgage with your current and future needs. Whether you’re looking at staying with your current lender, exploring better rates elsewhere, or restructuring to access equity, I’m here to support you on your financial journey.

Anna Teplitsky

17:25 20 Nov 24

Jacquie is a fantastic mortgage broker! She's attentive, helpful, and finds great mortgage rates through multiple providers. In addition, she brings a personal touch and care to her relationships with her clients. We've been her customers for many years and will use her services in the future. Strongly recommend!!!

Rim Araia

16:23 20 Nov 24

We’ve had the pleasure of working with Jacquie Bushell for the past four years, and we couldn’t be more grateful for her expertise and support! From the very beginning, she has consistently provided us with timely and accurate information, always guiding us through every step of the mortgage process with clarity and care. Her dedication to helping our family make the best financial decisions has been invaluable, and her professionalism and attention to detail have truly set her apart. We highly recommend Jacquie to anyone looking for a knowledgeable and reliable mortgage broker – she’s been a key part of our homeownership journey, and we look forward to working with her for years to come

Laurie Campbell

13:07 20 Nov 24

My experience with Jacquie when it came to renewing my mortgage was fantastic. She was kind efficient and was able to help me find a way to save money by consolidating some of my high interest debt with a refinance. I appreciate how she checks in from time to time and look forward to working with her again at renewal time!

Jay Lawrence

12:36 20 Nov 24

Jacquie exemplifies white glove service! We are so thankful that our paths crossed with hers. Over the years she has helped us secure great rates with reputable lenders. Her knowledge, expertise and out of the box thinking has had a massively positive impact on our ability to create a stable financial future for our family. The time she takes, in advance of finding you the best mortgage, to guide and advise on how we can put ourselves in the best position, is truly invaluable. Jacquie treats her clients like family, you will not regret trusting her with your mortgage needs. We have recommended her dozens of times to friends and family and will continue to do so. Jacquie we can’t thank you enough! ❤️

Gabriel

03:26 20 Nov 24

Always a pleasure working with Jacquie. Wouldn’t trust anyone else!

Steph Cummings

18:04 20 Aug 24

Our mortgage was up for renewal at the beginning of the summer. This is a very frightening time as rates are high and it is a lot of unknown with banks. Jacquie Bushell went above and beyond to get us the rates that we wanted. Her patience to guide my husband and I through every step helped us complete the sometimes gruelling task and still enjoy our summer holiday. Jacquie explains in great detail every step of the process and makes the difficult appear incredibly easy. I can't imagine doing it without her professionalism and support.

Meagan Jennings

22:18 12 Jun 24

Jacquie was incredibly kind and helpful throughout the process when I bought my first home. I would recommend her services to others as well. Thank you Jacquie!

Stephanie

18:32 16 Apr 24

My friend referred Jacquie to me and I'm so glad she did! Jacquie is wonderful. She is professional, supportive, kind and understanding. She explained the whole scary mortgage process and managed to keep me calmer than i thought I could be! She was patient, understood our needs and it really felt like we had a friend on our team. On top of that, she has a great sense of humor.I'd recommend her in a heartbeat!

Heather Lorenzo

23:05 30 Jan 24

We have worked with Jacquie for close to 10 years now and she is absolutely wonderful. I recommend her highly to anyone I am talking to. Jacquie is personable, professional, helpful, and truly client focused. She takes time to ensure our understanding at every stage, speaks in a way that is clear and supportive, with a great sense of humour and kindness. We appreciate working with Jacquie and will always use her for our mortgage needs.

Brian Mitchell

12:48 20 Oct 23

Friends referred us to Jacquie when we decided to work with a broker on our recent mortgage renewal. She was responsive, pleasant, very knowledgeable and extremely patient! There are a lot of bits and pieces to getting a mortgage and having someone like Jacquie to do the tricky parts and provide advice is priceless.Thanks Jacquie and be sure when the need arises we will be in touch and will recommend you at every opportunity.