Dwayne Kavanagh
Mortgage Agent Level 2 - M22004377
Tel: 416-937-5991 | Cell: 416-937-5991 | Fax: 905-574-7384
Did you know that your mortgage renewal could be one of the most impactful moments in your financial journey? Many homeowners simply sign their lender’s renewal offer without exploring their options—often leaving thousands of dollars on the table.
In this video, I share the real-life story of Ted and Amanda, who turned their mortgage renewal into a financial game-changer. They didn’t just accept the first offer they received. Instead, they explored their options and made smart decisions that saved them $86,130 in interest and helped them pay off their mortgage 11 years and 5 months sooner.
Your mortgage renewal isn’t just a routine step; it’s an opportunity to:
Ted and Amanda faced a higher renewal rate from their existing lender. Instead of signing the renewal offer, they:
The result? They saved $86,130 in interest and shaved nearly 11.5 years off their mortgage.
Here are three simple strategies to make the most of your renewal:
Shop Around for the Best Rate
Don’t settle for your lender’s initial offer. Reach out to a mortgage agent (like me!) to access a variety of lenders and secure the best rate possible.
Leverage Prepayment Privileges
Use lump-sum payments or increase your monthly payments to reduce your principal faster. Even small extra payments can lead to huge savings over time.
Reassess Your Financial Goals
Consider how your mortgage fits into your broader financial picture. Do you want to pay it off faster? Free up cash flow for other investments? Your renewal is the perfect time to realign your strategy.
Don’t leave money on the table by signing the first offer you receive. Let’s explore your options together and create a mortgage strategy that aligns with your goals.
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The information provided in this blog is for educational purposes only and does not constitute financial advice. Mortgage rules and market conditions can change, so always consult a trusted professional to discuss your unique situation.