If your mortgage is up for renewal within the next 120 days, your new payment is going to look different. Some of the clients I've been working with are experiencing a $400/month increase. So if a new lender can offer you a better rate to help reduce your new payment, it might be time to look around.

Another benefit to switching lenders before renewal, is that they will lock in today's rate and you'll still enjoy your current rate up until your mortgage renews. If you renew early with your current lender, your new rate and payment starts immediately and depending on the increase, that can be a lot of extra money.

On the flip side, if your credit has been damaged during the current term of your mortgage, there may not be an opportunity to switch lenders. Another reason why you may not want to switch lenders, is if you already have life and/or disability insurance with your mortgage and something has changed with your health during your term, it may not be in your best interest to switch.

If you’d like to talk about all of your options for your upcoming renewal, please reach out.