Is your Mortgage Renewal Coming up?


Your mortgage renewal opens up a world of possibilities.  The obvious ones are a chance to shop around to ensure you are getting the best rate and possibility of consolidating some high interest debt.  I have learned first hand in arranging mortgages for my clients over the past 20 years in the Burlington, Hamilton and surrounding areas, that there are other very important things to consider.

  • If you are taking a fixed rate product, has your bank explained how they calculate penalties in the event that you were to break your mortgage?  Penalty calculations vary widely with some banks having penalties which are up to 7 – 8 times higher than other lenders!!!  This could mean the difference between paying a penalty of $2,500 versus $17,500 to break your mortgage if needed.


  • If you are opting for a variable rate product, what is your advisor or bank’s strategy and commitment to keep you updated consistently over your term to manage your risk and ensure your variable rate mortgage continues to be a good fit?


  • What product and term is your advisor recommending and why?  Does the recommendation take into consideration the outlook for rates and the economy?  Can your advisor clearly explain the benefits and pitfalls of the options based on your specific needs and goals?


Be wary of being offered renewal options without your lender taking a bit of time to understand your needs and the dynamics of your specific financial scenario. Be sure to work with an advisor who proactively reaches out to you with opportunities related to your mortgage to save money.  Get started at least 4 months prior to your maturity date to get a rate set and protected in the event rates rise.

Contact my Burlington team today for an assessment of your options!

Rob Cagnin is both an Accredited Mortgage Professional and Certified Financial Planner. His main office is located at 184 Plains Road East in Burlington.  He has been servicing his clients in Burlington, Hamilton, Oakville, Ancaster, Dundas, Waterdown and surrounding areas for the past 20 years. His business is comprised of over 75% past client and past client referrals which is testament to how well he looks after his client when arranging and through out the life of their mortgages.  He has in-depth knowledge of mortgages, financial planning, and banking acquired from many years of hands on experience in these fields. He and his team are deeply committed to the well-being of their clients and have the skill set and passion necessary to help them achieve outstanding results.

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