If your mortgage term is coming to an end this year, you’re not alone – millions of Canadians are in the same boat. With interest rates higher than they were five years ago, it’s more important than ever to explore all your options before signing a renewal.
Here’s a quick breakdown to help you decide what’s best for your financial future:
Renewal
Stick with your current lender and renegotiate your rate and term.
- No change to your mortgage balance or amortization
- Fast and easy—but may not be the most flexible or cost-effective
Refinance
Restructure your mortgage to access equity or adjust payments.
- Borrow additional funds
- Consolidate debt, fund renovations, or reduce monthly payments
- Great if your home value has increased
Transfer with Extended Amortization
Move your mortgage to a new lender and stretch your amortization back to 25 years.
- Lower monthly payments without borrowing more
- Ideal for managing cash flow with today’s higher rates
- Available for homes valued under $1 million (subject to approval)
With rates higher than they were in 2020, it pays to get strategic. Whether your goal is to save money, access equity, or just reduce financial stress, I can help you explore the right path.
Let’s chat!
Reply to this email or book a quick call to review your numbers – www.chatwithlisareynolds.ca
I’ll help you compare your renewal, refinance, and transfer options—so you can move forward with confidence.
