When should I start shopping my renewal?

Four to six months before your term ends. Most lenders will hold a rate that far ahead at no cost, which protects you if rates rise while you compare.

Is there a penalty to switch lenders at renewal?

At the end of your term, no prepayment penalty applies. A straight switch is mostly paperwork, and new lenders often cover or credit the transfer costs.

Do I have to requalify if I switch?

Yes, a new lender underwrites your income, credit, and property fresh. A simple renewal with your existing lender typically doesn't requalify you, and that trade-off is worth a conversation.

What if my bank's offer is actually good?

Then sign it happily. I compare the market against the letter, and when your bank wins I say so. The point is knowing, not switching.

Renewals

Mortgage renewals in BC. Don’t sign the first offer.

Your renewal letter is an opening bid, not your best rate. Renewal is the one moment to switch lenders with almost no friction.

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Every renewal gets shopped.

top lenders get measured against your bank's offer, from a single file. If your bank wins, you'll know that too.

Switching costs less than staying blind.

At the end of a term, moving lenders is mostly paperwork and rarely a penalty. That paperwork gets handled start to finish.

Timing is tracked for you.

Rates can be held four to six months out at no cost. A reminder lands well before the term ends, so shopping starts early, not late.

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Based inPowell River, BC · Serving all of BC

Sydney Young

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Mortgage broker based in Powell River, BC, serving first-time buyers, movers, and investors across all of British Columbia.

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