Renewing soon? · Toronto
Your renewal letter is an offer, and you can shop it.
Most people sign the first number their bank sends. At renewal you can move lenders without a penalty, so that number should be the start of the conversation. Rafee compares it against 50+ lenders before you commit to anything.
- No penalty to switch at renewal
- No credit pull to get a number
- Free review
Ontario-licensed · #M25002512. Rafee compares your file across 50+ lenders through Perch Mortgage, covering A, Alt-A and private options. It costs nothing to talk and there's no obligation to move.
The renewal trap
Why the offer in your mailbox is rarely the best one available
Renewal is the one moment your lender has to compete for you, and the one moment most people don't make them.
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01
The letter is priced to be signed
A renewal offer is built on the assumption you won't shop it. It's a starting position, and it's the only one you get automatically.
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02
Switching at renewal costs nothing
Mid-term, breaking a mortgage carries a penalty. At renewal that penalty doesn't apply, which is exactly why this window is worth using.
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03
Rate is one variable of several
Term length, prepayment privileges, portability and penalty structure all follow you for years. A slightly better rate on worse terms can cost you more.
What's behind the advice
- 50+ Lenders accessible via Perch
- $48M+ Mortgage volume reviewed and structured
- 320+ Files across A, Alt-A and private lending
- 0 Credit pulls needed to get a first number
Serving Toronto, Mississauga, Brampton and across Ontario.
Before you book: good to know
Does switching lenders at renewal cost me anything? At renewal there's no prepayment penalty for moving. Some lenders charge small discharge or transfer fees, and Rafee will tell you what applies to your file before you decide.
How long before my renewal date should we talk? Four to six months out gives you room. Lenders commonly hold a rate for up to 120 days, so starting early costs nothing and keeps your options open.
Will this affect my credit score? No credit pull is needed to get a first number and see where you stand. A pull only happens when you decide to move forward on an actual application.
Rafee Syed, Mortgage Agent (Level 1), licence #M25002512, brokering through Perch Mortgage, licensed by the Financial Services Regulatory Authority of Ontario (FSRA). Rates, terms and approvals vary by lender and by applicant, and change without notice. Any rate or term you see quoted here is confirmed directly with Rafee and the lender before it means anything. Nothing here is financial or legal advice.
Reserve your spot, then pick a time
Leave your details and we'll hold your spot, then you go straight to the booking page to pick a time that suits you.
- 50+ lenders accessible via Perch
- $48M+ mortgage volume reviewed and structured
- 320+ files across A, Alt-A and private lending
- 0 credit pulls needed to get a first number
Prefer to talk? Call 416-524-9527.
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