Five questions to ask before a mortgage renewal.

A mortgage renewal is a new contract decision. Before signing, review the complete offer and consider whether the mortgage still fits the borrower and property.

1. What Is the Full Cost?

Compare the contract rate together with fees, privileges, penalties, amortization, and any insurance or legal requirements. A lower headline rate does not by itself establish the lower total cost.

2. When Should the Review Begin?

Ask the current lender when it will issue a renewal offer and how long that offer remains available. Other lenders may use different rate-hold and documentation rules, so timing is file- and lender-specific.

3. What Would a Switch Require?

A switch may involve qualification, appraisal, legal, discharge, registration, or other costs. Confirm who pays each cost and whether the transaction is a straight transfer or a refinance.

4. Has the Borrower or Property Changed?

Income, credit, property use, debts, ownership, and future plans can change the appropriate structure. A renewal review should use current information rather than assuming the original mortgage still fits.

5. What Can a Broker Compare?

A broker can review the current offer, available lender paths, documentation, and transaction costs. The comparison is file-specific and does not guarantee savings, approval, pricing, or timing.

What to Do Right Now

If a renewal is approaching:

1. Read the full renewal offer and note its deadline
2. Gather the current mortgage statement and property details
3. Identify any change in income, ownership, use, or financing goals
4. Start the mortgage intake for a file-specific review