If you locked in a 5-year mortgage term back in 2021, your renewal is coming up in 2026. Before you sign your lender’s first renewal offer, take a few minutes to make sure it is actually competitive — most borrowers simply sign and return it without ever comparing.
What to check in your renewal offer
- Rate — is it competitive with what other lenders are offering right now?
- Term — does the length still fit your plans?
- Prepayment privileges — how much extra can you pay down each year without penalty?
- Portability — can you take the mortgage with you if you move?
- Penalties — what will it cost to break the mortgage early if your plans change?
How a broker shops your renewal — at no cost to you
A mortgage broker shops your renewal across many lenders — banks, credit unions, and monoline lenders — and lets them compete for your business. This costs you nothing out of pocket: the broker is compensated by the lender, not by you, so getting an honest second opinion on your renewal offer is free.
Start early: rate holds protect you
Most lenders will hold a rate for 90–120 days. Starting the renewal conversation about 4 months before your maturity date protects you — if rates rise while you decide, your held rate stands; if rates fall, you can still take the lower one.
Send me your renewal offer
“Send me your renewal offer and I’ll tell you honestly if it’s fair.”
Call Next Door Mortgages at (780) 722-5621, or start with our Pre-Approval & Refinance Check.
By Travis Bannert, Realtor and Mortgage Broker