The short answer
Compare the decision, not just the offer.
A renewal letter can make a big decision look like a quick administrative task. You have a rate, a payment and somewhere to sign. Before you do, pause for three questions.
What has changed in your life?
A planned move, a renovation or a different income can change what you need from the next term. Write down the changes first. They give the comparison a purpose beyond finding a different rate.
What are you actually comparing?
Put the payment, term, repayment flexibility and switching costs side by side. Changing lenders requires approval, and fees can affect the benefit. Ask what is included and what you would pay yourself.
Does a lower payment mean a better result?
Not necessarily. Extending the repayment period can reduce the payment while increasing interest costs. If monthly relief is the goal, understand what that relief costs over time.
A useful next step
You don’t need to have every answer before we talk. Start with your renewal date and what you want to change. Then use this checklist to make the review useful.
Your renewal review checklist
- Your current mortgage: balance, rate, payment, remaining amortization and term end date.
- The renewal offer: proposed rate, term, payment and the date the offer expires.
- Your next few years: a possible move, renovation, income change or extra payments.
- Other debts: approximate balances and monthly payments if cash flow is part of the question.
- Your priority: a manageable payment, faster repayment, flexibility or a combination.
Keep account numbers and financial documents out of the contact form. We’ll arrange a secure way to share documents if they’re needed.
Which conversation do you need?
Renew: review a new term with your current lender. Switch: compare another lender and the costs and requirements of moving the mortgage. Refinance: review a change to the borrowing amount or structure, including any penalties, fees and longer-term interest costs. If you’re considering using equity to manage other debts, compare refinancing and debt consolidation options.
Staying with your current lender may be sensible. The point is to understand the choice, including what it costs and how it fits your plans.
Worried about a higher payment? Read why payments can increase at renewal →
If your income now comes from a business or contract work, review the mortgage documents and options for self-employed homeowners before planning a lender switch.
General information, not a financing recommendation or a promise of approval. Mortgage terms and lender requirements vary. Review the details of your own situation before acting.