Your lender sends a renewal offer. A few clicks or a signature, and it's done. Convenient, absolutely. But your next mortgage term will affect your payments, flexibility and financial decisions for years. It deserves a proper review.
Start with what has changed
The mortgage you chose several years ago may have suited your life then. Does it suit your life now? You may be planning renovations, considering a move, approaching retirement or carrying debt that wasn't there when you last signed. Your income or family circumstances may have changed. Those details should shape the decision.
Compare the full offer
The rate matters, but it's only part of the comparison. We also look at the term, payment structure, prepayment privileges, potential penalties and options if you sell or move. If switching lenders is worth considering, the comparison should include applicable legal, appraisal, discharge or other costs, along with any incentives. A lower quoted rate is useful only when the overall arrangement works for you.
What about consolidating debt?
Renewal is a good time to assess whether restructuring debt could improve your finances. Adding debt to a mortgage usually requires a separate qualification review, and it means that debt is secured against your home. A lower monthly payment can help cash flow, but spreading repayment over a longer period can increase total interest. Both outcomes need to be understood before proceeding.
Send CD Mortgages your renewal offer, balance, maturity date and any plans to move, renovate or consolidate debt. We'll help you compare the options before you commit.