If your mortgage is up for renewal soon, you may be wondering if there’s a smarter way to handle it. Marcus and Justin are currently going through their own mortgage renewals too. But you’re in luck—because they are breaking it all down so you can learn from their personal experiences, avoid the pitfalls, and maybe even score yourself a better deal.

Episode Highlights

What’s the Big Deal with Renewing?

If your mortgage is up for renewal soon—or even if you’ve got over a year left—it’s worth exploring your options now. Rates are changing, and the earlier you prepare, the more power you have. The biggest mistake we see? People blindly sign the renewal offer from their bank without asking any questions.

Real-Life Scenarios

Justin’s Situation

He had about 18 months left on a fixed-rate mortgage and was eyeing a switch to a variable to benefit from potential rate drops. But like many homeowners, his biggest concern was the dreaded penalty. When he called his bank, they told him he couldn’t talk to anyone over the phone and had to visit a specific branch in the East end of Toronto… even though he lives in Mississauga. Not exactly convenient.

Marcus’ Situation

Very similar timeline, but a different approach and different results. You can hear more about that on the podcast, but the key takeaway? You’ve got options if you know where to look.

Justin had 18 months left on his fixed mortgage and wanted to switch to a variable, but the penalty held him back—and his bank made things harder. Marcus was in a similar situation but found a better way. So, if you’re in the same boat… are you sure you’re exploring all your options?

What You Need to Know Before Renewing

Understand Your Penalty

If you’re considering switching from a fixed to a variable rate before maturity, your bank will likely charge a penalty. And guess what? Most bank reps don’t even know how it’s calculated. We do—and we’ve built a penalty calculator that gives you a precise, no-BS answer.

Know That Lower Rates = Higher Penalties

As rates drop, penalties for breaking your fixed rate go up. It’s counterintuitive but true. That’s why it’s so important to run the numbers before you make a move.

Don’t Just Accept the Bank’s Offer

Negotiating with your current lender is always the first and best option. Why? Because switching to a new lender means you’ll face that penalty. But if your current lender wants to keep your business, there’s room to talk.

Use a Mortgage Broker That Works for You

When you work with a broker, we don’t just send you to the highest bidder. We show you every option—from staying with your current bank to refinancing to switching. And we lay it all out in your own personalized borrower portal.

The Bank Doesn’t Work for You

Here’s the truth: the person handling your mortgage at the bank isn’t licensed. There’s no governing body holding them accountable the way mortgage brokers are. No regulatory oversight. And yet, they’re advising you on one of the biggest financial decisions of your life.

We’re Not Just Talking—We’re Doing

At Cannect, we don’t just sell mortgages. We help you understand them. And when it’s time to renew, we make sure you’re walking away with a mortgage that actually makes sense for your life, not just your lender’s bottom line.

Need an advocate? Let’s talk.

Whether it’s your first mortgage, a renewal, or getting out of a high-interest trap, we’ll help you find the best path forward.

Want to make smarter money moves? Catch our Make Money Count videos for the latest mortgage news, trends, and insights.