Is Your Mortgage up for Renewal in 2018?

Author: Joe Busillo |

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By Joe Busillo

A recent widely published report by CIBC estimated that a record 47% of all Canadian residential mortgages will come up for renewal in 2018. So big banks should be doing everything in their power to ensure you remain their client, right?

It turns out that banks have a different strategy in mind. Instead of offering their clients the best rates to keep your loyalty, they are raising their posted rates, making it more difficult for you to qualify somewhere else (thanks to the stress testing that came into effect this year).

If you really want to start saving money, contact an experienced mortgage professional. You can then compare the savings to switch or refinance and decide whether you prefer to stay with your bank or take control of your mortgage to start saving money. Big banks are not your only option. There are some excellent lenders out there that would love the opportunity to compete for your business. You don’t need to open up an account with them and you can keep the same account you are currently using for your mortgage payments (unless your bank is charging you a fee to keep that account!)

If your mortgage is up for renewal this year, here are some things to do:


Start looking at your options as soon as possible to make sure nothing is getting in your way of securing the best mortgage.


Don’t just sign your bank’s initial renewal letter. Evaluate and negotiate.


Consider all the factors, not just the rate. Understand all your mortgage terms including portability, prepayment privileges and penalties.

REMEMBER, the best time to negotiate is when you are renewing your mortgage. Let your current lender EARN your business at every renewal. The application process is not very difficult and doesn’t take up too much time. Start early and reach out to the right Mortgage Agent or Broker, get the knowledge you need to make an informed decision.

You work hard for your money! A few minutes of paperwork collection could save you thousands of dollars.

Seek a mortgage professional and see where you fit in before you decide to buy your home. Our team is ready to help.
Give us a call  416-640-0930 or send us an email to