Your mortgage renewal is more than just signing another set of papers—it’s a chance to save serious money. Many homeowners simply accept their lender’s first offer, not realizing they may be leaving thousands of dollars on the table.
Whether your renewal is in a few months or a year away, these strategies can help you secure a lower rate and better terms.
1. Start Shopping Early
Don’t wait until the week before your renewal to start looking around. Most lenders will hold a rate for 90–120 days, giving you time to compare offers. Starting early means you can lock in a competitive rate and avoid feeling rushed into a decision.
2. Negotiate with Your Current Lender
Your lender likely doesn’t want to lose your business, which gives you leverage. Even a small reduction in rate can save you thousands over the term of your mortgage.
3. Improve Your Credit Before Renewal
A higher credit score can mean access to lower rates. If you have time before your renewal date, pay down credit card balances, avoid new debt, and make all payments on time. By the time lenders check your credit, you’ll be in a stronger position.
4. Consider More Advanced Mortgage Options, Like a 3-Part CLP
A 3-part Combined Loan Product (CLP) lets you divide your mortgage into separate portions. This structure can give you more flexibility, let you take advantage of different rate types, and potentially lower your overall borrowing cost at renewal
5. Work with a Mortgage Broker
A mortgage broker can shop the market for you, often accessing rates and promotions not available to the public. They can also negotiate on your behalf and help you compare offers apples-to-apples—making sure you get the best deal possible.
Bottom Line:
Your mortgage renewal is a golden opportunity to save money. By starting early, shopping around, negotiating, improving your credit, and working with a mortgage broker, you can secure a lower rate and keep more money in your pocket.