Time really does fly. Before you know it, another mortgage term has passed and it’s time to renew your loan. However, it’s always a good idea to consider your mortgage renewal options before automatically restarting your contract. 

Now is the time to see if you can obtain a better rate or more favourable terms. You may even reconsider whether you want to stay in the same home at all. 

Mortgage renewal coming up and not sure what to do? I help homeowners across Oakville, Mississauga, Milton, and Burlington make smart decisions.

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Search for Better Mortgage Renewal Rates

When your mortgage renewal is approaching, shopping around for the best rate should be your first step. With housing prices as high as they are, even a slight percentage point can make a difference as to whether you can comfortably afford your mortgage or struggle to make your payments.

You can ask your existing lender for their best possible rate. During your negotiations, be polite, but also be assertive. Remember, the lender’s goal is to give you the best rate for them, not what’s best for you. 

It’s also wise to talk to different lenders who may offer more competitive terms. A visit to a reputable mortgage broker allows you to explore dozens of options to ensure you get the best deal for you.

Whether you plan to sell your home or not, it’s always good to understand what’s happening in the current market. The posts below will give you a solid background:

Go Mortgage Free

If you’re a long time homeowner, your mortgage renewal is a good time to reflect on whether you want to continue having a mortgage at all. Your home has grown in value, and so has your equity. After analyzing your finances, you might consider pulling money from your savings or investment accounts and paying off all or most of the remainder of your loan. 

This gives you the joy and peace of mind of living mortgage-free, which has been the goal all along. As great as it may feel to wipe out your loan at last, be sure that you don’t tax yourself financially to do so. If you love the idea of being mortgage-free but are not quite in a position to pay it all off, you still have options.Want to stay up to date with the GTA real estate market? 

Still unsure of your next steps? Our Mortgage Health Check can help you decide. Take the test right here. 

Move to a Smaller Home

Housing prices have soared over the last decade, and a mortgage renewal is the perfect time to reconsider whether your current home still fits your lifestyle. The amount of equity long-time homeowners have built over a short duration has many considering downsizing much sooner than they ever planned. If you feel like you can live comfortably with less space, this is definitely an avenue to consider. 

The time, money, and energy you save on maintaining a large property is all an added bonus. With no mortgage to worry about each month, you suddenly have more disposable income to work with. You could invest, travel the world, or immerse yourself in your passions.

Downsizing can mean moving to a condo or an apartment, but you have plenty of options. In Mississauga, you’ll also find a selection of older bungalows or townhouses that allow more square footage and some outdoor space. 

Another thing to keep in mind is that downsizing isn’t necessarily a one and done scenario. You might decide to move to a less expensive but still detached home for the time being. The option of downsizing even further to the convenience of condo life is still on the table a few years from now.

The better results you get when selling your home, the faster it becomes possible to live mortgage-free. The resources below can help:

Thinking About Downsizing

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Move Further Away at Mortgage Renewal

What if you want to pay off your mortgage without sacrificing any of your living space? Remember that location plays a significant role in the price of housing. The closer you live to downtown, the more expensive your house will be.

You may find beautiful, spacious homes that are just as large or even larger than your existing home simply by moving further away from the city core. Deciding to pursue this option will depend on your lifestyle. 

Ask yourself how close you want to be to your family, friends, and work.Moving may not be worth it if it adds an extra hour to your daily commute in both directions. 

However, if your employer allows remote work or a hybrid model, you can live almost anywhere. Alternatively, if you work in downtown Toronto, you can move further West and still have easy access to the Go Train. 

If you have a flexible arrangement, you can find spacious homes north of the city that could be far more affordable that what you have now. Whatever you decide, your mortgage renewal is a chance to reflect on your goals and make a move that works for your future.

Your mortgage renewal is the perfect time to rethink what’s next. Whether you’re staying put, downsizing, or making a move — I’ve got you covered.

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