Renewals and Refinancing
Do not auto-sign the renewal letter from your bank.
When your term ends, you have more options than the single offer in the envelope. A short review before signing is one of the most useful conversations a homeowner can have, even if you end up staying with your current lender.
Renewals
A second opinion before you commit for another term.
Your current lender's renewal offer is a starting point, not a best offer. A short review tells you whether the rate, term, and product are competitive with what is available elsewhere.
Starting six months before your renewal date gives time to lock in a rate hold, compare lenders, and avoid making a rushed decision under deadline pressure.
- Compare your renewal letter against current market lender options
- Decide between fixed and variable based on real numbers for your file
- Choose a term length that fits your timeline and life plans
- Negotiate with your current lender from a position of information
- Switch lenders before renewal if the math supports it
Refinancing
Restructure when life or cash flow has changed.
Refinancing is not always about chasing a lower rate. It is about making your mortgage fit what is actually happening in your life: a renovation, a debt situation, a transition, or a change in household income.
A real refinance conversation includes the trade-offs, not just the new payment. Penalties, fees, amortization changes, and total cost over the term all need to be on the table.
- Access equity for a renovation or a major planned expense
- Consolidate higher-interest credit card or loan balances into your mortgage
- Free up monthly cash flow during a transition or career change
- Restructure after a separation, inheritance, or change in household income
- Buy out a co-owner or add one to the title
Penalties, lender fees, appraisal costs, and qualifying rules vary by lender, product, and timing. Information here is general in nature and is not an offer of credit, a rate guarantee, an approval, or personal financial advice. Hannah Wish is a representative of Mortgage Connection.
What we look at in a review
The five things a renewal or refinance conversation should cover.
Payment comfort
Where your current payment sits, and what you actually want monthly versus what is possible.
Cash flow
How much room there is in your budget, and whether the mortgage is helping or hurting that picture.
Debt picture
Balances elsewhere, interest rates, and whether consolidation would meaningfully change the math.
Renovation or major plans
Whether equity should be used now, later, or kept available as a line of credit.
Term and product
Fixed versus variable, term length, and prepayment options based on your timeline.
Lender fit
Whether your current lender still has the best product for you, or whether a switch is worth the work.
A good rule of thumb
Start the conversation about six months early.
Six months gives time to lock a rate hold, compare lenders fairly, and avoid rushed decisions under deadline pressure.