For years, Canadians were warned about the mortgage renewal wave.
Now, for many homeowners, that wave has arrived.
Millions of Canadian mortgages have been renewing after borrowers locked in historically low rates in 2020 and 2021. For homeowners coming off rates below 2%, even a relatively modest increase in their mortgage rate can create a meaningful change in their monthly payment.
But here’s the mistake we see too often:
Treating renewal as a paperwork exercise instead of a financial planning opportunity.
When your mortgage comes up for renewal, you aren’t simply choosing a new interest rate.
You’re deciding how your mortgage fits into the next few years of your financial life.
Here are seven things to consider before signing your renewal offer.
