by Jasmine Srnicek, The Cash Flow Broker – London, Ontario

Introduction

If you’ve got a mortgage renewal coming up, you’ll probably get a letter (or email) from your lender with a simple message:

“Sign here to renew your mortgage. It’s easy.”

And that’s exactly what most Canadians do—over 70% of borrowers automatically accept their lender’s offer without shopping around. But here’s the truth:

💡 That renewal letter is not personalized to your goals—and it’s probably not your best option.

Let’s talk about what really happens at renewal, what your options are, and how I help families in London, Ontario use this as a chance to save money, simplify their debt, or improve cash flow.

What Is a Mortgage Renewal?

When your mortgage term ends (typically after 1, 3, or 5 years), you have to renew it—either with the same lender or a new one. It’s a chance to:
- Adjust your interest rate and term
- Change your amortization
- Refinance to access equity or consolidate debt
- Or… do nothing and just re-sign the bank’s offer

And that last option? It’s often the most expensive one.

Why You Shouldn't Just Sign the Bank’s Offer

Banks know you’re busy. They also know that when they send you a renewal package, you’re likely to just sign it and move on.

But their offer:
- May not be the best rate available
- Won’t consider your changing needs (debt, income, goals)
- Doesn’t give you flexible options to restructure
- Locks you into another term—sometimes with penalties if your plans change

🗣 As a mortgage broker, I compare your lender’s offer to dozens of others, and I run the real numbers for you. Because your mortgage needs at age 35 might be very different than they were at 30.

Local Story: The Renewal That Changed Everything

Let me tell you about Tanya and Mark, a couple in their early 40s from London’s Old South. Their mortgage was coming up for renewal in January, and their lender sent them a “just sign here” offer at 5.39%.

Tanya had just returned to work part-time after caring for her mom, and they had about $27,000 in lingering debt from a basement renovation. Things were tight.

Before signing, they called me—just to “check.” I’m so glad they did.

Here’s what we did:
- Switched them to a new lender with a rate of 4.24%
- Rolled their $27,000 of high-interest debt into the new mortgage
- Lowered their monthly payments by $486/month

“I had no idea we could do this at renewal,” Mark told me.
And that’s the point—most people don’t.

Renewal = Opportunity (Not Just Admin)

Think of your renewal like a financial check-up. It’s your chance to:
✅ Lock in a better rate
✅ Restructure your payment schedule
✅ Tap into equity (for debt, renos, or big plans)
✅ Pay off other high-interest debt
✅ Align your mortgage with your life today—not 5 years ago

And best of all? If we do this before your term ends, you often won’t pay a penalty.

When Should You Start the Conversation?

4–6 months before your renewal date is the sweet spot.
That gives us time to:
- Review your current mortgage and goals
- Shop around for better options
- Handle approvals and paperwork with zero stress

And yes—I’ll manage everything, from lender conversations to closing docs.

The Broker Advantage

Unlike banks, I work for you, not one lender. That means I’ll:
- Get you competitive rates
- Find options based on your goals (not bank quotas)
- Show you exactly what your renewal is costing—or saving—you
- Be here long after you sign, too

If you're looking for the best mortgage broker in London Ontario to guide you through renewal or refinancing, I’d love to help.

Ready to Review Your Mortgage Renewal?

You’ve worked hard to build equity. Let’s make sure your mortgage is still working just as hard for you.

📞 Book a Free Call: https://jasmortgages.ca
📩 jasmine@jasmortgages.ca
🏡 Serving London, Ontario and families across Canada.