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What You Need to Know About Renewing Your Mortgage

Discover the lowest rate and the best terms with a mortgage matched to you.

Start Your Renewal Early

120 days before your mortgage is set to renew you can start the process. We will send you a renewal reminder 150 days before your renewal date, so you're well prepared. It’s not hard to switch lenders, and while we can make it even easier, time crunches are never fun. With more time, we can shop around, negotiate, and secure a mortgage matched perfectly to you.

Pay Your Mortgage Down at Renewal Time

We know it’s no fun sitting on a wad of cash when you want to pay your mortgage down! Renewal time is a great opportunity to pay as much as you want without any of these pesky fees. During your term you can prepay your mortgage but only within limits. When you exceed the limit there will be a penalty, the amount will vary depending on your terms. This is why we keep telling our clients- terms trump low rates! We promise to ensure you understand your mortgage and all of the terms before you sign on the dotted line.

Make Your Lender Work for You

While we admire your loyalty, we also want you to get the best mortgage possible. Renewal time provides an opportunity to look around for a better mortgage product. Most people think their banks are giving them the best option, or they believe that switching lenders is a huge hassle (it’s not!). Don’t settle for less than the best. Chances are that there is a better mortgage product available for you. If you’re open to change, and want honest advice, give us a call and we’ll treat you right.

Switch Lenders Seamlessly

Switching lenders is a straightforward and simple process when you have an experienced broker to lead the way. We can help you attain a better mortgage at renewal time. We start by getting to know you and your plans for the future. This allows us to narrow down the search for a mortgage that's right for you. Once we find a product you like, we will gather your documentation and a current assessment of your property value to submit your application. Before you know it, you’ll have a new mortgage that saves you money with terms that give you room to grow.

Easy Access to Money at Renewal Time

Need some extra cash? Hoping to avoid fees? Renewal time is an ideal opportunity to refinance your mortgage because you won’t be dinged with any penalties. We can help you restructure your mortgage with a product that provides the flexibility you need to reach your goals.

Choose Mortgage Terms that Fit You

Mortgage terms can make or break your future plans, so pay attention! Is your mortgage restricted, are there atypical penalties, peculiar cash back clauses, claw backs, unique charge requirements, limited features, no flexibility, blending or porting rules, or pre-payment restrictions? All of this fine print can become a big deal in the future and as your broker, we take it on as our responsibility that you are crystal clear on what you are committing to. We’ll make sure you're ready for a hassle-free renewal.

Know the Difference: Fixed vs Variable

Are you wondering if you should renew with a fixed or variable rate? In normal, healthy markets, variable rates are lower than fixed. In a nutshell, variable rates will fluctuate but are inexpensive to break, while switching out of a fixed rate can be very expensive. Conversely, fixed rates provide peace of mind because you know your monthly payments ahead of time. Your best choice depends on your goals, borrowing profile, and current economic circumstances. Give us a call and we’ll advise you on the best mortgage product for your life.

Get Ready to Renew

We make renewing easy. Choose your next move now.

Renewals Explained

Become a smarter and savvier borrower by visiting our Info Hub.

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Read What Other Clients Have to Say About Renewing With Us!

Your perfect mortgage experience is our top priority.

Based on 204 reviews
Based on 44 reviews

“While shopping around for rates when my mortgage came for renewal, I was referred to Spin. Although they were able to offer better rates than what I was quoted, they advised that I renew through the bank. To see such transparency and putting clients interest ahead of ones own and enforcing it, was refreshing. ”

“While shopping around for rates when my mortgage came for renewal, I was referred to Spin Mortgage. Although they were able to offer better rates than what I was quoted by my bank, they advised that I renew through the bank. To see such transparency and the idea of putting clients interest ahead of ones own and enforcing it, was refreshing. ”

“We worked with Ryan and Steve on renewing our mortgage. They were proactive in reaching out to us to take advantage of lower rates and responsive in answering the questions we had leading up to the renewal. ”

“The experience to renew my mortgage was amazing. Provided all documents online and even don't have to go for signing. The team is professional and I like to recommend this for my friends and family.”

“Highly recommended. Totally professional and genuine. It came down to me renewing with a major bank or going through Ryan at Spin. The bank took forever, wasn't clear and didn't mention fees. Ryan's group were totally transparent and were happy for me to get the best deal.”

“Bonnie was great. She helped us through our mortgage renewal and was extremely helpful and very responsive to all our questions and email and phone calls.”

“I highly recommend working with Spin. Bonnie was available to answer all my questions and find solutions for all the inevitable bumps in getting the right mortgage.”

“Used them for our original mortgage and our renewal and both times they easily beat the banks offerings, along with making the whole process painless. They're happy to sit through my multiple scenarios and work out what would be best for me. Highly recommended!”

“Although I didn't go with Spin for my mortgage, I will definitely contact them again when it's time for my renewal. Their customer service is great and everything can be done online. ”

Learn More About Mortgage Renewals

Become a smarter borrower by visiting our Info Hub.

Renew the Right Way

Faster Process. Lower Rates. Better Mortgages.