04/16/2026
I’ve been getting a lot of questions lately about mortgage renewals – not surprising, given the steady rise of mortgage rates over the last couple of years.
People with mortgages renewing in 2026 are justifiably concerned about what their new mortgage will cost, what impact it will have on their cash flow, and whether or not they will even be able to pass the stress test with today’s rates! Far too many people go into auto-pilot mode when it’s time to renew their mortgage and will often just accept the renewal offer they get from their current lender. It’s temptingly easy and in some cases, it may even work out well, but in our current environment, this is a risky and potentially costly misstep. The reality is, if you’re coming up to the end of a 3-, 4-, or 5-year term, you will be renewing at a significantly higher rate which means a higher mortgage payment and an increase in your total cost of borrowing. And while we may not be able to control interest rates, there are some ways to minimize your cost increase in the short term.
Like any important financial decision, renewing your mortgage requires careful consideration and it’s not something you want to do while under time pressure. And this advice doesn’t just apply at renewal time – if you want to discuss debt consolidation strategies, if you have a large expense coming up and want to explore financing solutions, or if you want to review your overall mortgage strategy, don’t procrastinate!
