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Mortgage Renewal Check UP

Mortgage Renewal Got You Down? Have Mortgages For Less Give It A Check-Up

Many Canadians are going into the their mortgage renewal with some well deserved anxiety. Here at Mortgages For Less we are ready to discuss strategies to help keep your mortgage payments steady, even in a raising rate environment. Connect with us today to see if we can help you.

 

  1. Don’t take the bank’s offer. Let us shop for you!
  2. Consolidate high interest debt to reduce your overall monthly payments.
  3. Extend your amortization
  4. Take a shorter term mortgage.
Speak With an Agent
mortgage renewals

If your bank isn't offering you this rate or better on your mortgage renewal we can help!

Check Our Rates

We Shop Your Rate. You Save Thousands!

Don’t take your banks first offer! Let us use our relationship to multiple lenders and make them compete for your mortgage renewal business.

Refinancing instead of renewing.

Combining your high interest debt

Reduce Monthly Payments

(Even with a higher rate)

Over the past years you may have found yourself with high interest debt. Perhaps you racked up credit card debt during a period of unemployment, or you have recently taken out a line of credit to do home renovations. These monthly debt payments can really stack up. By combining your high interest loans with your lower interest mortgage you can maintain or even reduce your monthly debt payments.

Current Debt Payments

Mortgage rate of 3.49 prior to renewal
$2784
  • $300,000 Mortgage Balance @ 3.49% = $1,734
  • $20,000 Credit Card Debt @ 3% repayment = $600 Month
  • $10,000 Line of Credit with interest only payment $100/month
  • $10,000 remaining on a vehicle payment = $350/month

Refinance

Consolidate all debt into mortgage
$2139
  • Save $46,000 over 5 years even with increased mortgage amount and rate.
  • $340,000 Consolidated Debt @ 5.82% = $2139
  • Can reduce payment even greater to $2005/month by refinancing into 30 year loan at 5.92%.
Talk To An Agent

Do Nothing

Renew at going rate and leave other debt as is
$3110
  • $300,000 Mortgage Balance @ 5.54% and 20 years =$2060
  • $20,000 Credit Card Debt @ 3% repayment = $600 Month
  • $10,000 Line of Credit with interest only payment $100/month
  • $10,000 remaining on a vehicle payment = $350/month

Mortgage Renewal Amortization Change

25 🡺 30

Extending Your Amortization

If you have enough equity your home we can extend your amortization period up to 30 years. This can save you a lot of money in the short term as you wait for rates to come back down. If you want to swtich back to a 25 year term during your next renewal that is always an option.

Past Payment

$300,000 @ 3.49 - 20 years remaining
$1734
  • Your Current Mortgage Rate, pre-renewal

Extended Amortization

$300,000 @ 5.92% - 30 years
$1769
  • Keep your payment steady by extending the amortization.
  • Revert back to shorter term later when rates have decreased.
Get Advice From An Agent

Do Nothing

$300,000 @ 5.69% - 20 year
$2084
  • Pay off your loan faster, but with higher payments

Mortgage Renewal Term Length

Choose a shorter

Term

Explore the option of taking a shorter 2-4 year term instead of a 5 year term. Your rate may be higher, but with a shorter renewal time you can move on to a lower rates sooner.
Contact Us

Keep Your Amortization

Don’t extend the life of your loan. If you feel confident that rates will decrease over the next 2-4 years it could be best to sit out the higher rates in the short term.

Less Total Interest

Every strategy has its positives and negatives. By taking a shorter term mortgage you might pay more in the short term, but your total interest paid will be lower.

About Us

Mortgages For Less if your friend Calgary Mortgage Broker. We’ve been in the business of helping people get their mortgages since 2006.

We’re A Passionate Calgary Mortgage Broker Helping People Finance Their Dream Homes.

Our Team of Calgary Mortgage Brokers 100% about helping people. Our team has years of experience helpings others just like you. Check out our bio section to learn more about what makes us tick.

Meet Our Team

Our Mission

We spend all day, every day helping people like you finance their dream home. Nothing gives us more pleasure than providing top notch, customized care to our clients. We want the right mortgage, the best service, and the best rate for all our clients.
top 10 Calgary Mortgage Broker

Are You Wanting Personalized Help? Schedule a One-on-One Consultation And Let’s Give Your Mortgage Renewal A Check-Up!

Personalized Service is what we do BEST! Mortgages for Less prides itself on our team of problem solving agents. We will answer all your questions, and guide you along this path to home ownership. We aren’t scary! We promise.

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TESTIMONIALS

Happy Clients 

A few kind words from our happy customers!

Absolutely amazing experience from start to finish working with Tamar! I was starting to lose hope that I would ever be a homeowner. She gave me great advice to get to where I needed to be and now I will be moving into my first home in just a few weeks 🙂

K B – Google Review

It was a pleasant experience working with Josh and his team. Special thanks to Megan, who managed all the communication with the lender. My home buyer journey was one year long. Though out the process, Josh connected over the phone and kept me updated about the changes in the market. He intuitively monitored the progress of the down payment and the tentative timeline to buy the house. The best aspect of working with Josh is that his calendar is open for all his clients to book a 30 mins session with him, which I found helpful, especially closer to buying the house. I felt more informed and confident each time I spoke with him. For a time home buyer, I felt lucky to have Josh and his team in my corner. I recommend Josh to anyone trying to get the best mortgage deal.

Jibin Panachinkal – Google Review

Tamar has been helping us for our last two mortgages and now working on our third. We just think she is the ABSOLUTE BEST. We didn’t know what to expect with our first time buying a home and what our experience would look like working with a broker, but we were truly blown away. She is INCREDIBLY knowledgeable, quick to respond, kind, and professional. She is honest and just such a smart, amazing woman.

Thanks for connecting us with her, Josh! You run an amazing company and we tell everyone about Mortgages for Less. You couldn’t be more deserving of a 5+ star review.

Thanks for everything you do, Tamar!

Laura Hart – Google Review

I have known Mortgages for less for over 15 years. Josh and Tamar are experienced and dedicated professionals who loves to see that their customers are well taken care of. It’s thrilling to get prompt response for any enquiry/updates. Josh takes care of his customers even when he is on vacation. Tamar knows how to simplify for you the necessary steps to take in order to get that mortgage. I highly recommend Mortgages for less.

M Wani – Google Review

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