Before you sign your bank’s renewal offer, compare it. Your renewal letter is an opening offer, not necessarily the best rate available. Enter your balance, remaining amortization, your bank’s offer, and a rate to compare it with, and see the difference in monthly payment and in interest over the term.
Want this breakdown run on your real numbers?
Get a free pre-approval check or call 780-720-8240.
Common questions
Should I just sign my bank’s renewal offer?
Not without comparing it first. Your lender’s first offer is rarely its best, and another lender or a negotiated rate can mean a lower payment over the whole term.
Does switching lenders at renewal cost money?
Often little or no cost for a straight switch, with no penalty at renewal. Legal and appraisal costs may be covered by the new lender. A refinance is different from a switch.
Will I have to pass the stress test again to switch?
Since November 21, 2024, an uninsured mortgage moved to a new lender in a straight switch does not have to pass the stress test again. Your situation may differ, so confirm it before you decide.
Is the comparison rate a quote?
No. The comparison rate is one you enter, and the results are illustrations only, not rate quotes or offers. For a live rate on your actual file, ask us to shop lenders for you.
Prefer to talk? Call Travis Bannert at 780-720-8240 or book a call.
Also try: Mortgage Stress Test Calculator, How Much Mortgage Can I Afford?, Mortgage Renewal Countdown Calculator and What a Rate Change Does to Your Payment.