The Gist:

When your mortgage renewal comes around, it tends to feel like this thing that comes out of nowhere and you just have to sign it. 

• This is obviously the path of least resistance, but is it really the right choice for you and your goals?

• 3The interest rate that they give you is actually the highest rate that they think you will pay without questioning it or getting a second opinion. 

• There could be two people who are in a similar situation-- Good employment, qualified with great credit scores, with the same lender, etc., and they have completely polar opposite offers.

One thing to keep in mind is that a renewal offer is actually an offer, and with any offer you can accept it, decline it, or counter offer. In the meantime though, you’re going to be best off doing some research. 

• If you bring your lender's mortgage renewal offer to Cheryl and ask what she can do for you, she will check around 20 different lenders and take into consideration your goals and situation, and figure out if going with a different lender would better suit you. 

• What worked for you five years ago when you originally picked your lender and product may not be working for you now, so there’s no harm in shopping around to see what would fit you better. 

• If you like your house, but think that there is a chance you may move within the next 3 years, then a five-year fixed isn’t going to be the best option for you and we should find a lender who will be flexible with porting mortgages. 

The process of switching lenders is generally pretty straightforward and simple.

• All you really need to do is provide some income documents, such as an employment letter and pay stub, and Cheryl is actually able to pull the rest from the CRA.

• It will usually take 3 to 4 weeks, simply because every lender pretty much uses the same internal lawyers, which slows down the process. 

• The actual amount of time it takes go through the application is about 30 minutes, then send Cheryl your income documents, she pulls the rest from the CRA, and then you just need to wait a few days to actually sign off. 

• There are no fees to switch lenders either, the next lender will actually pay the transfer fees, any discharge fees, land titles, and registration costs. 

• Since COVID-19, everything can either be e-signed or dropped off at your front door and signed on a Zoom call at your convenience. 

If it’s too easy, it’s normally not the best thing for you. 

• This is how you may know that the renewal offer you are getting from your current lender may be too good to be true, and you may be leaving money on the table even though it initially looks like a good offer.

• And if it is a good offer, Cheryl will let you know! If you are intent on staying with your lender, she can help you go back to them and see if they will budge with you on their offer. 

• Essentially, you want verification that this offer is a good offer from someone who does not work for that lender. 

When your renewal offer comes in the mail, make sure your first step is to get in contact with Cheryl Wilkes to see if this is the best option for you. 

It’s quick and straightforward, and may save you money or help you achieve your goals down the road.