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Mortgage renewals are common, and when the term on your mortgage expires, it is time to renew. At Matrix Mortgage , we offer homeowners a variety of mortgage renewal options to consider, at rates that will beat the banks.

At mortgage renewal time, you will be able to renegotiate your interest rate based on current market conditions. The bank or financial institution you are currently with will likely offer you a renewal. While many Canadians simply renew with the same lender without considering additional options, this is your opportunity to explore your options and test the market. It is estimated that over 65% of Canadians simply re-sign their mortgage with the same lender at renewal time. The rate and terms offered are rarely questioned as most people choose to avoid the hassle of renegotiating. Lenders know this and therefore won’t offer the lowest rate or best terms available. A mortgage is typically the largest expense you will ever have, and making this mistake will cost you thousands! Remember that you do not have to renew with the same lender and should always consult with your mortgage broker prior to accepting any offer. In doing this, you will ensure yourself the most competitive rate and terms at renewal time.


At Matrix Mortgage , we offer mortgage renewals for homeowners in all situations and in need of many different mortgage solutions, including those seeking early renewals or homeowners wanting to get pre-approved for renewal in advance. It is also possible to renew your mortgage early. You may opt to renew early if the current interest rates are much lower than your existing interest rate. There can be drawbacks to renewing your mortgage early such as payout fees, but these fees are often far less than the money you will save at the new lower interest rate. If you are not sure if it makes sense to renew early, we will be glad to run the numbers for you.

We can also help you get pre-approved. It is always wise to get pre-approved 4 months before your renewal date. This will allow you to hold a rate and ensure the most competitive rate and term leading up to your date of renewal. If you arranged your mortgage with Matrix Mortgage , we will be sure to contact you 4 months in advance and help you make the right decisions.