Mortgage Renewal? Don't Just Sign.
Your bank is counting on you to auto-renew without shopping around. That convenience could cost you thousands of dollars over your next term.
The Problem
Why Banks Offer You Bad Renewal Rates
Banks know that most borrowers sign their mortgage renewal letter without comparing. They count on your inertia to lock you into a higher rate than you deserve.
Inflated Renewal Offers
Banks typically send renewal offers 0.25% to 0.50% higher than their best available rate. On a $500,000 mortgage in Vancouver, that adds up to $6,000 to $12,500 over a 5-year term.
No Incentive to Compete
Your existing bank already has your mortgage. Unlike new borrowers who get competitive rates to win their business, renewal clients are treated as guaranteed revenue.
The Auto-Renewal Trap
If you do nothing when your renewal letter arrives, your mortgage automatically renews at the posted rate, which is almost always significantly higher than what a broker can negotiate for you.
Your Renewal Timeline
When to Start Planning Your Renewal
The best time to start your mortgage renewal in BC is 120 days before your maturity date. Here is your step-by-step timeline.
Start Shopping
Contact E7 Mortgages for a free rate comparison. We begin shopping across 30+ lenders to find your best renewal rate in Vancouver and Richmond.
Lock Your Rate
We secure a rate hold with the best lender. Most rate holds last 90-120 days, protecting you from any rate increases before your renewal date.
Review & Decide
Compare our best offer against your bank renewal letter. We show you the exact dollar savings over your entire term so you can make an informed decision.
Finalize Transfer
If switching lenders, we handle all the paperwork. Most lender transfers are free at renewal. Your new mortgage starts seamlessly on your maturity date.
Our Service
What We Do For Your Renewal
Compare 30+ Lenders
We shop your renewal across major banks, credit unions, monolines, and alternative lenders to find the absolute best rate for your situation.
Negotiate on Your Behalf
Armed with competing offers, we negotiate with your current lender for a better rate. If they cannot match it, we handle the switch for free.
Handle All Paperwork
Switching lenders at renewal is free in most cases. We handle all the documentation, legal coordination, and transfer logistics seamlessly.
Review Your Terms
Beyond just the rate, we review your prepayment privileges, portability options, and penalty structures to ensure your new term fits your plans.
Real Savings
How Much You Could Save
Here is an example of what a typical mortgage renewal savings looks like for a homeowner in Richmond or Vancouver, BC.
Bank Renewal Offer
Our Best Rate
Your Total Savings Over 5 Years
$11,040
Based on 25-year amortization. Rates are illustrative and subject to change.
Renewal Coming Up? Get a Better Rate.
Free mortgage renewal rate comparison. No obligation. We shop 30+ lenders so you do not have to settle for your bank's offer.