Your Mortgage Is Coming Up for Renewal – Now What?

Date Posted: June 18, 2025

 

 

 

 

If your mortgage is maturing in the next 6 to 12 months, don’t just sign the renewal letter your lender sends you — at least, not without exploring your options.

The mortgage landscape in 2025 is shifting fast, and the choices you make at renewal could save (or cost) you thousands over the next few years.

Here’s what you need to know before you sign anything.

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📉 Rates Are Starting to Drop — But Not All Lenders Move at the Same Speed

In June 2025, the Bank of Canada made its first rate cut in years — and more cuts are expected to follow. That’s great news if your mortgage is up for renewal.

But here’s the catch:
➡️ Not all lenders pass on those savings immediately
➡️ Some rely on you signing the renewal offer without question

By working with a mortgage broker, you’ll have access to a wide range of lenders (including ones offering better rates than your bank) — and we’ll negotiate on your behalf.

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🤝 Auto-Renewals Are Designed for Their Benefit — Not Yours

When your current lender sends a renewal offer, they’re counting on you to accept it without shopping around. Many people do — and end up paying more than they need to.

A broker can:

• Review your renewal offer line by line

• Compare it to the best options on the market today

• Help you switch to a better lender if needed

💡 Even a 0.30% lower rate can save you thousands over your next term.

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🔄 It’s the Perfect Time to Reassess Your Mortgage Strategy

Renewal isn’t just about rates — it’s a chance to revisit your entire mortgage plan. Ask yourself:

• Do I want to switch from fixed to variable (or vice versa)?

• Should I adjust my amortization to reduce payments or pay down faster?

• Do I want to access home equity for renovations, investments, or debt consolidation?

• Will I move or sell in the next few years?

These questions don’t have one “right” answer — but your broker can help you make a plan that fits your life today.

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📊 What If You No Longer Qualify Like You Used To?

If your income, credit score, or debts have changed since your last mortgage term, renewing with a new lender could be harder — but not impossible.

That’s where a broker makes a big difference. We work with:

• Alternative lenders who offer flexible approval criteria

• Private lenders for short-term solutions until you can qualify again

• Strategies to transition you back to a traditional lender over time

Bottom line: You still have options — and we’ll find them for you.

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💼 What Does a Broker Actually Do at Renewal?

At Mortgage Brokers Ottawa, we act as your personal mortgage strategist. Here’s what that looks like:

✅ We shop rates across dozens of lenders, not just one bank
✅ We negotiate terms and structure a mortgage tailored to your needs
✅ We help with switches, refinancing, or equity take-outs
✅ We handle the paperwork — you focus on your goals
✅ We give honest advice that’s focused on your best interest

And in most cases, our service comes at no cost to you.

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📌 Final Thought

Renewing your mortgage is more than just picking a rate — it’s a chance to optimize your finances for the next stage of life. With rates dropping and more lenders becoming competitive, 2025 is your opportunity to get ahead.

📲 Let’s talk. Before you sign your renewal letter, connect with a Mortgage Brokers Ottawa expert — and let us do the rate shopping, negotiating, and legwork for you.