By Samantha Garvin, Garvin Mortgage Group

Millions of Canadians are facing mortgage renewals in the next 18 months. Many can expect considerably higher monthly payments which is causing anxiety among homeowners, some of whom expect to have to make significant lifestyle changes to accommodate the higher cost.

It is more important than ever for mortgage holders to understand their options at renewal time, and to make strategic choices to help minimize the impact of higher payments. Potential strategies might include extending the amortization of the loan or choosing a shorter term for renewal. Homeowner strategies should always include working with a mortgage broker.

Extend the Amortization

Rather than paying significantly higher monthly amounts at renewal, borrowers who had made accelerated payments and lump sums earlier may be able to extend the amortizations to lower their payments.

Go Shorter

Shorter terms for a renewed mortgage will come with payment pain up front with higher rates than a five-year fixed mortgage, but it may offer longer term financial gain if, for example, the Bank of Canada cuts interest rates. Once that short term ends, you can likely renew again in two to three years at a significantly lower interest rate.

Work with a Mortgage Broker

Renewing your existing mortgage can be quick and easy with your current lender. However, simply signing that renewal slip won’t get you the best mortgage rate or product. By working with a mortgage broker who can provide you with mortgage renewal advice and tips, you’ll get the best lender, terms, and rate for your current financial situation.

A skilled broker can also compare multiple lenders on your behalf, taking the guesswork out of the process and saving you valuable time. With access to a wide network, they can often secure options you might not find on your own. Partnering with CB mortgage lender means gaining guidance tailored to your needs, ensuring that your renewal isn’t just convenient, but also strategically beneficial for your long-term financial goals.

Mortgage brokers are paid by lenders, not borrowers so my services are free to homeowners.

If you’re planning a bigger move and want to clear your mortgage altogether, selling your property for cash can be a smart way forward. Working with professional home buyers in Charlotte allows you to bypass the lengthy selling process, avoid last-minute financing fall-throughs, and walk away with the funds you need in hand. This means you can focus entirely on finding your next dream home without the weight of your current mortgage hanging over you, giving you both speed and financial clarity as you make your next move.

Every homeowner’s situation is different, which is why flexibility in the selling process matters so much. Some people may need to sell quickly because of a job relocation, while others may simply want a fresh start in a new neighborhood. Having options that fit your exact timeline and goals makes the process far less stressful, ensuring you can move forward with confidence instead of feeling stuck in place.

That’s where turning to the right resources can make all the difference. By visiting a trusted website for home-buying, you can explore solutions designed to match your specific needs—whether that means closing in a matter of days, selling as-is without repairs, or arranging a timeline that lines up perfectly with your next purchase. This approach keeps the focus on your future rather than the hurdles of the traditional market.

Please reach out for a complimentary review of your current situation and to assess your options before your mortgage renewal.

I look forward to hearing from you.

Samantha Garvin
Garvin Mortgage Group
www.garvinmortgage.ca
samantha@garvinmortgage.ca
(778) 580-5817

Follow me on Instagram @garvinmortgagegroup