Don’t Leave Your Mortgage Renewal to the Last Minute!
This year, I’ve noticed a pattern among many clients — rushing to renew their mortgages just a few weeks before their current term ends. While it might seem like an easy solution, waiting until the last minute can result in costly mistakes and unnecessary stress that could be avoided with a bit of planning.
Why you should plan your mortgage renewal early:
- 6-8 weeks are needed to properly process a switch or transfer. Lenders require this time frame to review your application, verify documents, and finalize your new mortgage. Waiting until your mortgage expiry date leaves no room for a smooth transition, which can cause delays or force you into less favorable options.
- Rushing can lead to unnecessary costs. If your renewal date catches you off guard, you might have to put your current mortgage into a higher-rate open term temporarily. This means accruing interest at a higher rate on your remaining balance, costing you more money — money you could save by renewing early.
- Limited negotiating power. When you’re in a rush, lenders know you’re eager and may offer less favorable mortgage rates or terms. Conversely, if you give yourself ample time, you’ll have the opportunity to negotiate better mortgage rates, especially in a competitive market like South Surrey or Langley.
The importance of avoiding multiple lenders or brokers during renewal
Many think it’s smart to shop around during renewal time, talking to several lenders or brokers. However, this can actually harm your chances of securing the best deal. It’s a red flag for lenders if they see you are excessively shopping around during your renewal. It’s important to know you have options. However, if you are doing speaking with multiple broker and lenders, this could be flagged as suspicious and ultimately slow down the process — they might assume you’re desperate, or there is a problem with your financing. Which can impact the negotiations.
Most reputable mortgage brokers near you have access to the same lenders and mortgage rates. So, talking to multiple brokers or lenders during renewal usually doesn’t get you a significantly better deal. Instead, it’s better to stick with someone you trust, who’s committed to your best interests, and who can handle the negotiation for you. Bottom line: Let your mortgage broker do their job! Don’t try and do it for them.
What’s the best way to prepare for your mortgage renewal?
- Choose a trusted mortgage broker in South Surrey or Langley. They can guide you through the entire process, help you review your options, and secure the best mortgage rates available today.
- Start early — this gives you the opportunity to explore different options, including locking in competitive mortgage rates today or switching to a different plan that better suits your goals.
- Let your broker handle the negotiations. They are experienced in getting the best deals and can look out for those hidden advantages to help you save money and secure favorable terms.
Need help? Here’s what I offer:
- Personalized advice tailored to your situation, whether you’re in South Surrey, Langley, or elsewhere in BC.
- Assistance with mortgage pre-approvals for future home purchases, or alternative financing solutions if you’re self-employed.
- Guidance on reverse mortgages or other specialized services.
- A simple, user-friendly experience — use my mortgage calculator here: My Mortgage Planner and contact me or book a consultation with me here: Booking Page
No matter your situation, starting early ensures less stress, better options, and peace of mind. When it comes to your mortgage — whether it’s your first home or your renewal — being prepared makes all the difference.
Final word of advice:
In the world of real estate and mortgages, timing really is everything. Waiting until the last minute might seem convenient, but it often results in higher costs, fewer choices, and unnecessary stress. Planning ahead and working with a trusted mortgage broker will ensure you navigate your mortgage renewal smoothly and confidently.
Want a smooth, stress-free renewal? Contact me today — I’m here to help you stay ahead of the game!
Greg Horvath, Mortgage Broker
Call/text 604-788-9454 or email: greg@greghorvath.ca
