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rates have never been as low as they are right now during the COVID-19 pandemic. Just because your lender hasn’t
conducted a reassessment, doesn’t mean you have to blindly accept the same mortgage.

5. Expand your horizon

Lenders are constantly introducing new mortgage products and features, which means you might have access to
potential savings. This includes, but is not limited to, improved pre-payment options, cash back programs,
amortizations, accelerated payment schedules, and investment opportunities.
6. You don’t have to renew

Once your mortgage term is up, you’re not required to remain with the original lender. If you’re offered a better rate
or improved terms and conditions from a different bank or mortgage broker, you’re free to make the switch. This is
also your chance to pit lenders against each other and have them compete for your business—you’re in control at this
“
point; make sure to take advantage of every opportunity available to you.
It’s recommended to start exploring your
options well in advance of your renewal date—
if you wait until you receive the renewal letter
from your lender, you may miss out on the best
offer for your needs.

7. You can refinance
You can save thousands of dollars at your time of renewal
if you’re considering refinancing and taking equity out of
your home. When your mortgage term expires, you aren’t
subject to early payment penalties, so if you’re thinking
about taking advantage of investment opportunities,
renovating your property, consolidating debt or paying
for your child’s education, your renewal date is the time
to do so.

8. Don’t get intimidated by fees

If you do choose to switch lenders when renewing your mortgage, you may be subject to additional fees such as:
• new lender set-up fees like the cost to discharge your previous mortgage and register the new one;
• a transferal or reassignment fee from your current lender; and
• if necessary, the cost of an appraisal fee to confirm your property’s current value.

Other fees to consider are mortgage loan insurance premiums and collateral charges on your initial mortgage. To
avoid paying a premium twice, be sure to inform your new lender you currently hold mortgage loan insurance and
provide them with your certificate number.

If you want to switch lenders and your mortgage includes collateral charges, you will likely have to pay a fee before
registering your mortgage with a new lender. Removing the charge completely requires full repayment or transferring
all loan agreements secured by the collateral charge—such as lines of credit or car loans—to the new lender.

Don’t be afraid to ask your new lender if they’re willing to include discharge fees into the new mortgage—they may
even cover part or all of the fees to earn your business, but you won’t know if you don’t ask.
Despite these additional fees, they are typically minimal when you compare them to how much you’ll save in interest
long-term.

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