renew your mortgage with a mortgage broker in fort st. john

What to do if your mortgage is up for renewal:

It is 2024 and we are coming into a renewal cycle for the next 3 years that will see BILLIONS of dollars worth of mortgage renewals coming up for Maturity and many of those will see what we call PAYMENT SHOCK.  This happens when your mortgage payment jumps up substantially upon renewing into a new mortgage term.

With rates being 2 to 3 times HIGHER than rates in 2020 and 2021, this is going to be tough on many homeowners.  So this begs the question.


We need to start asking questions to ourselves, here are some questions to ask yourself:

The reason I prompt you with these questions is because it isn’t a one-size-fits-all solution.  Some people need the lowest payment option.  Others are more flexible and can take a slightly higher rate to have a shorter term (this comes with the belief that rates will drop over the next few years).  And some may even take the variable rate (yes this is a great option).

The biggest takeaway is to ask questions and get a 2nd opinion.  Talk and ask about different strategies and how each would like for you.

I have seen some lenders offering rates over 1% ABOVE what the market is, so YES you can save money and negotiate on your renewal!  There are pros and cons to every solution, it is just a matter of finding out the solution that works best for you.