01
Start before the deadline
Give yourself time to compare your current lender’s offer with alternatives. Review the remaining balance, amortization, payment comfort and plans for the next few years.
02
Compare total cost
Switching can involve discharge, registration, appraisal or legal costs. Ask which costs are covered and whether changing the amount or amortization changes qualification requirements.
03
Choose for the next chapter
A new term should suit your plans to stay, move or pay down the balance. A smaller payment obtained through a longer amortization can increase lifetime interest.
Bring to your conversation
- Renewal offer and maturity date
- Current balance and remaining amortization
- Updated income and property details
General information only. Product availability, eligibility and conditions vary by lender and application.