Mortgage Renewal in Burnaby, BC
Don't just sign what your lender sends you — there's almost always a better option.
When your mortgage comes up for renewal in BC, most homeowners do the same thing: they open the letter from their bank, sign the renewal, and send it back. It feels easy. But your lender's renewal offer is rarely their best rate — that's saved for new customers. And because you're at maturity, you can switch lenders without paying a single dollar in penalties.
I help Burnaby and Metro Vancouver homeowners get the best possible rate and terms at renewal by shopping the full market on their behalf. It costs you nothing, takes very little of your time, and in most cases results in meaningfully better terms than simply accepting what your current lender sends.
Don't just sign your renewal documents from your lender, here are 3 easy steps to getting the best terms upon renewal.
Connect with me
The best place to start is to connect with me directly. Just because the lender you're with now was the best choice when you got your last mortgage, doesn't mean they are the best choice for your next mortgage.
Consider your options
Sorting through all the different mortgage lenders, rates, terms, and features can be overwhelming, especially upon renewal. I'll outline the best mortgage products on the market, and review them with you.
I'll handle the details
When it comes time to arranging your renewal, I'll handle the negotiations with the lender for you. This ensures you get the best mortgage product that lowers your overall cost of borrowing.
What I Do For You at Renewal
Here's exactly what I handle when you work with me at renewal:
- Review your current lender's offer and benchmark it against the full market
- Identify the best available rate across all lender types — banks, credit unions, monolines, and trust companies
- Present your options clearly so you can make a genuinely informed decision
- Handle all the paperwork and lender communication if you decide to switch
- Make sure your new mortgage is structured the right way for the next term — not just the cheapest rate on paper
What Happens at Mortgage Renewal
At the end of your mortgage term, your mortgage doesn't disappear — it needs to be renewed into a new term.
Here's what you should know:
- Your lender will send a renewal offer 30–120 days before your maturity date. You are not required to accept it.
- You can switch to any lender at renewal with no prepayment penalty — because you're not breaking your term early.
- Renewal is also a good time to reassess your mortgage structure, payment frequency, and amortization if your situation has changed.
- In most cases, switching lenders at renewal is handled by your lawyer and costs you nothing out of pocket.
- Starting the process 3–4 months early gives you the most time and the most leverage.
Renew your mortgage with confidence
Don't just sign your renewal documents, there might be better options available.
Resources to help guide you through the mortgage renewal process
Protect Yourself at Renewal
It’s a commonly held belief that if you’ve made your mortgage payments on time throughout the entirety of your mortgage term, that the lender is somehow obligated to renew your mortgage. Learn why this isn’t the case here.
Fixed-Rate or Variable-Rate Mortgage
If you’re considering your mortgage options at renewal and debating between a fixed and variable rate mortgage, consider the penalty incurred should you need to break the mortgage.
What Banks Won't Tell You About Mortgage Financing
If you have a mortgage up for renewal, and you’re thinking about connecting with your bank directly, save yourself a lot of money and have a look here first.
Understanding Payment Frequency
Did you know that you have an option to accelerate your mortgage payments as part of your regular payment schedule? If your mortgage is up for renewal and you're considering all your options, your payment frequency can help pay off your mortgage faster.
Pay Down Your Mortgage Faster
If you have a mortgage up for renewal, and you’re thinking about how to accelerate your payments, here are four things you can do to become mortgage-free sooner.
Frequently Asked Questions
Should I just accept my lender's renewal offer?
I'd strongly recommend getting a comparison before you sign anything. Your lender's renewal letter is almost never their best rate — it's a starting offer. At renewal, you have full negotiating power and the ability to switch lenders at no cost. I'll compare your offer against the full market and tell you whether staying or switching makes more sense for your situation.
Can I switch lenders at renewal without paying a penalty?
Yes. When you switch lenders at your maturity date, there is no prepayment penalty. You're not breaking your term — you're simply choosing not to renew with the same lender. In most cases, the new lender also covers the legal costs of the transfer, making it genuinely free to switch.
How early should I start the mortgage renewal process?
I recommend reaching out at least 4 months before your maturity date. This gives us time to review the market, compare lender options, lock in a rate if rates are moving in the wrong direction, and complete any paperwork without pressure. Many lenders will allow a rate hold up to 120 days in advance.
What if my financial situation has changed since my original mortgage?
Renewal is a good opportunity to reassess. If your income has changed, if you've taken on more debt, or if you're self-employed now when you weren't before, it's worth reviewing your options before your maturity date. Some lenders may not renew without a full re-qualification. I'll let you know exactly where you stand and what options are available to you.
Is it worth breaking my mortgage early to get a better rate?
Sometimes, but it requires a full break-even calculation. I'll work out your exact prepayment penalty, model the rate savings, and tell you how long it takes to come out ahead. If the math works, I'll help you make the switch. If it doesn't, I'll tell you that too — and we'll make a plan for your next maturity date instead.
