Renewing Your Mortgage

Renewing Your Mortgage - How it Works


Renewing your mortgage, especially if it's your first time, can be a little confusing. Your mortgage advisor should be giving you the advice you need in order to make the best decision for your current and future needs. To start this process consider the following steps to make a smooth and educated decision that is right for you:


Step 1 : Start thinking about your needs and goals.

If you're close to renewal, now is a great time to review your financial goals and your plans for the future. You might want to consider the following types of questions:

Has your financial situation changed since your last renewal?

Are you planning any home renovations or will you need additional funds?

Will you be moving within the next year?

Do you prefer fixed or variable rates, or are you unsure?

Your Mortgage Advisor should be asking you all of the above questions. If they're not or you want to determine some of this on your own try the following RBC tool for help choosing the right options:


 Which Type of Mortgage is Right for Me


Step 2 : Consider renewing early!

Some lending institutions will give you the ability to renew earlier than the maturity date. RBC allows you to do this up to 120 days out from your renewal/maturity date so you have ample time to discuss your current mortgage needs. If you renew early, you'll be able to lock in at current interest rates even sooner - which could save you thousands of dollars in interest if rates rise before your renewal date.


Step 3 : Review your mortgage renewal document!

Most lending institutions will send you a renewal letter in the mail. Review this document in detail. Ensure you are being offered competitive rates and home flexible home financing solutions then book an appointment with your advisor to discuss your current needs and future plans to ensure you are going into the right mortgage term and financing solution for your individual needs.



It can be that simple!


Tony Marchigiano310-328 West Hastings Street
Mortgage BrokerVancouver, BC
cell: 604 505 7109
fax: 604 909 4666


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Meet the team

  • Will Pratt
  • Justin Sabbagh
  • Mike Wilcox

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