Mortgage Renewal
Don’t Sign Your Bank’s Renewal Letter Without Reading This Your bank’s renewal offer is rarely their best rate. We shop 90+ lenders to find you a better deal — at no cost to you. Get a Better Rate Today → Did you receive a renewal letter? Banks count on you signing it without shopping around. […]
Don’t Sign Your Bank’s Renewal Letter Without Reading This
Your bank’s renewal offer is rarely their best rate. We shop 90+ lenders to find you a better deal — at no cost to you.
How Much Could You Save?
Even a 0.25% difference in your mortgage rate can save you thousands over a 5-year term. On a $600,000 mortgage, the difference between 5.25% and 5.00% is approximately $7,800 in interest savings over 5 years. We negotiate that difference for you — for free.
When Should You Start Shopping Your Renewal?
You can start shopping your renewal up to 120 days before your maturity date. This is the ideal window — early enough to lock in a rate hold if rates are rising, but close enough that your new rate will be competitive. We recommend reaching out to us 4–6 months before your renewal date.
Fixed vs. Variable at Renewal — Which is Right for You?
| Factor | Fixed Rate | Variable Rate |
|---|---|---|
| Payment Stability | Predictable | Fluctuates with prime |
| Rate Risk | None during term | Moves with prime rate |
| Penalty to Break | Higher (IRD calculation) | Lower (3 months interest) |
| Best For | Budget-conscious, risk-averse | Flexible, rate-savvy borrowers |
Not sure which is right for you? That’s exactly what our renewal strategy call is for. We’ll look at your specific situation — remaining amortization, income stability, and rate outlook — and give you a clear recommendation.
Your Renewal is Also an Opportunity to Restructure
Renewal time is one of the few moments when you can make significant changes to your mortgage without penalty. This is the right time to consider:
- Consolidating high-interest debt (credit cards, car loans) into your mortgage at a much lower rate
- Accessing your home equity for renovations, investments, or education
- Switching to a different amortization schedule to pay off your mortgage faster
- Moving from a restrictive bank mortgage to a more flexible product
What Our BC & Alberta Clients Say
“My bank sent me a renewal at 5.89%. Paramvir got me 5.19% with a different lender. That’s over $12,000 in savings over 5 years. The whole process took less than a week.”
— Sarah M., Surrey BC
“I didn’t realize I could switch lenders at renewal without a penalty. Jimmy walked me through everything and we ended up consolidating our car loan into the mortgage too. Monthly payments actually went down.”
— Mark T., Calgary AB
Rates Are Shifting — Lock In Your Rate Hold Today
A 120-day rate hold protects you from rate increases while you shop. Book a free renewal strategy call with Paramvir or Jimmy.
Serving homeowners across BC & Alberta — Surrey, Vancouver, Calgary, Edmonton, and beyond