Quick Answer: Starting your mortgage renewal 3 to 4 months (90 to 120 days) early gives you time to compare lenders, lock in a rate hold, and avoid automatically accepting your bank’s first offer. Reaching out to Chris Marriner, Lethbridge Mortgage Broker, early in that window puts multiple lenders on the table so you can secure a better rate and stronger terms before your current term expires.
Why Start 3 to 4 Months Early?
Your bank makes renewing look effortless: they mail a letter, you sign it, and your payments keep rolling. Because they already have your business, that initial offer rarely includes their best rate.
Most lenders allow rate holds up to 120 days (4 months) before your maturity date. Starting around the 4-month mark gives you plenty of time to compare offers without feeling rushed at the last minute.
How a Rate Hold Protects You
When Chris Marriner locks in a rate hold with a competing lender 3 to 4 months out, you win either way:
- If rates go up before your renewal date, you’re locked into the lower rate.
- If rates drop before your term ends, Chris can move you to the better rate.
Your Renewal Letter Isn’t Always Your Best Offer
The Financial Consumer Agency of Canada (FCAC) recommends shopping around rather than automatically signing your lender’s renewal notice. Having competing quotes gives you leverage—whether you use them to negotiate with your current bank or switch to a better deal elsewhere.
Looking Beyond Just the Interest Rate
Instead of visiting banks one by one, Chris Marriner compares products from many lenders at once. The lowest advertised rate isn’t always the best mortgage, so Chris helps you weigh the features that actually save money over time:
- Fixed vs. variable rates and term lengths
- Prepayment privileges (paying extra toward your principal without penalty)
- Prepayment penalties (what it costs if you need to break your mortgage early)
- Portability (taking your mortgage with you if you move)
Even a small drop in your rate—say 0.25% to 0.50%—can save you thousands of dollars in interest over a 3- or 5-year term.
A Good Time to Review Your Bigger Picture
A lot can change over a mortgage term. Renewal is the one time you can adjust your setup or make a lump-sum payment without paying a penalty. Before you sign, it’s worth considering:
- Has your income or monthly budget changed?
- Do you have high-interest debt you’d like to consolidate?
- Are you planning renovations or thinking about moving soon?
Switching Lenders Is Easier Than You Think
You don’t have to stay with your current bank when your term ends. For a straight switch at renewal (keeping your mortgage balance and remaining amortization the same):
- No prepayment penalty applies because your existing term has ended.
- No federal stress test is required for eligible straight switches, making it much easier to move to a lender offering better terms. (If you want to refinance or pull out equity, standard qualification rules still apply.)
Don’t Wait Until the Last Minute
Waiting until the final two or three weeks leaves very little time to gather paperwork, complete an application, or negotiate. Most homeowners who wait end up signing their bank’s first offer just to get it done—often leaving money on the table.
Renewing Your Mortgage in Lethbridge?
You don’t have to wait for your bank’s letter to show up in the mail. If your mortgage renews within the next 3 to 4 months, contact Chris Marriner, Mortgage Broker, to compare your options and lock in a rate hold before your term expires.
