My Mortgage is renewing, what should I do?

As you navigate the decision of renewing your mortgage or contemplating homeownership in 2024, it's essential to recognize the impact your mortgage choice could have on your financial landscape—potentially saving or costing you a considerable amount of money. It's important to start looking into this early, and avoiding any last-minute rush. 

In a detailed conversation with Tina Robins, a respected local mortgage expert, we delved into several crucial considerations that might be helpful for those facing a renewal in 2024. 

  1. Get a second opinion: Simply accepting your existing lender's renewal rate without scrutiny could be a missed opportunity for savings. Engaging in thorough market research and seeking a second opinion are fundamental steps in securing the most advantageous deal.

  2. Look at ALL the terms: It's imperative to look beyond the interest rate. Delve into the specifics, such as penalties for early mortgage termination, options for lump-sum payments, and the possibility of transferring your mortgage. Notably, non-major lenders may offer more lenient penalties for breaking a mortgage agreement.

  3. Consider a shorter term fixed, or go variable: With expectations leaning towards a decrease in rates in the forthcoming years, considering a shorter-term fixed-rate mortgage could be advantageous. This option would save you from paying the high rate over 5 years, and allow you to take advantage of lower rates in a couple years if they do indeed come down.  For those with higher risk tolerance and can handle higher payments if rates do increase, there could be major benefits to opting for a variable rate. Make sure you talk about these options with a professional. 

  4. Look at other lenders besides the big banks: Exploring options beyond traditional banks can unveil more competitive rates and less prohibitive buyout penalties, offering a broader landscape of financial opportunities.

  5. Addressing Payment Challenges: If you find yourself struggling with mortgage payments, engaging in dialogue with your lender about extending the amortization period can provide much-needed relief.

It is so important to seek professional advice and start the process early.  For those looking to further explore these avenues or to connect with Tina Robins for expert guidance, visit Tina Robins' website at

Watch The video with Tina here: