10/30/2026
🏡 Is your mortgage renewing in the next 12 months?
It's never too early to explore your options!
With this week's Bank of Canada rate increase, many homeowners are wondering what interest rates might look like when their mortgage comes up for renewal.
While no one can predict exactly where rates are headed, starting the conversation early can give you more options and time to make informed decisions.
💜 Review your current mortgage. Understanding your rate, remaining amortization, payment options and prepayment privileges is a great starting point.
💜 Look at your financial picture. Have your income, expenses or priorities changed since you first arranged your mortgage?
💜 Explore your renewal options. Staying with your current lender isn't necessarily your only choice. Depending on your circumstances, switching lenders or restructuring your mortgage may be worth considering.
💜 Consider whether renewing early makes sense. If you're concerned about rates continuing to rise, it may be worth exploring the cost of breaking your current mortgage to secure a new rate. In some situations, a relatively small penalty may be worthwhile, particularly when compared with the potential cost of waiting. The key is reviewing the actual penalty, available rates and overall costs before making a decision.
💜 Give yourself time to plan. Starting early means you can explore different scenarios, prepare documentation and make decisions without feeling rushed.
And remember, reviewing your mortgage 12 months ahead doesn't mean you need to make a change today. Sometimes the best decision is to stay exactly where you are, but at least you'll know why!
Team Sabourin Mortgages - Kingston Mortgage Solutions would be happy to help you review your mortgage and explore your options.
Because a little planning today can make a big difference when renewal time arrives! 💜
📞 Adrienne Sabourin | 613-484-1852 📧 [email protected] | FSRA #12248
