Mortgage Renewal in 2025? Why You Shouldn't Just Sign the Bank’s Offer
June 5, 2025 | Posted by: Keith Leighton
Mortgage Renewal in 2025?
Why You Shouldn't Just Sign the Bank’s Offer
If your mortgage is coming up for renewal in 2025, you are not alone. Thousands of Canadian homeowners are receiving renewal notices in their inboxes and mailboxes this summer. For many, the temptation is to simply sign the offer and move on. After all, life is busy, and the process seems easy. But that quick decision could end up costing you thousands of dollars over the next term.
The Bank's Offer is Not Always the Best Offer
When a bank sends you a mortgage renewal notice, they are often hoping you will accept it without asking questions. The rate they offer may not be the lowest you can qualify for. In fact, it is rarely the most competitive option available. Banks know that most people will renew without shopping around, which is why many renewal offers are higher than necessary.
Rates Have Changed. So Should Your Strategy.
Interest rates have shifted significantly over the past few years. Many homeowners who locked in during the ultra-low rate period of 2020–2021 are now facing renewal rates that are considerably higher. That makes it even more important to review your options carefully and see what other lenders are offering.
A mortgage broker can help you compare current rates from multiple banks, credit unions, monoline lenders, and private lenders. You may be able to lower your rate, reduce your payment, or structure your mortgage in a way that better fits your current financial goals.
Renewal Time is a Free Exit Ramp
One of the biggest benefits of mortgage renewal is that you are no longer in a contract. That means you can switch lenders without paying a penalty. It is the perfect time to assess your financial picture and take advantage of better terms.
This is also an opportunity to revisit the type of mortgage you have. Should you go with a variable or fixed rate? Should you choose a shorter or longer term? Are you planning renovations or looking to consolidate debt? A mortgage broker can help you design a strategy that matches your plans for the next few years.
Why Work with a Mortgage Broker?
Mortgage brokers work for you, not the bank. They have access to dozens of lenders and can shop around on your behalf. A broker will negotiate with lenders, explain your options in plain language, and help you make a confident, informed decision.
In many cases, using a broker costs you nothing. The lender pays the broker's fee, and you get professional advice and support at no charge.
Final Thoughts
Before you sign that renewal notice, take a few minutes to explore your options. The savings can be substantial. Whether you want to reduce your payments, pay off your mortgage faster, or simply make sure you are getting the best deal, speaking with an Ideal Mortgage broker is a smart move.
If your mortgage is up for renewal in 2025, now is the time to act. Contact your local Ideal Mortgage broker today and take control of your renewal. Your future self will thank you.
