As your mortgage renewal date approaches, you face a critical decision: sign the renewal offer from your current lender or test the market. A recent TD Bank poll reveals that only 40% of mortgage holders intend to shop around, leaving many potentially missing out on significant savings. While sticking with your current lender can be convenient—especially if you have a modest mortgage or complex borrowing needs—it is crucial to evaluate whether you are getting a competitive rate. Don’t settle for the first offer; lenders often rely on borrower inertia. Whether you are looking for better flexibility, lower rates, or a more favorable penalty structure, comparing options can save you thousands over a five-year term. For a deeper dive into the nuances of renewal strategies and to see how your current offer stacks up, read the full analysis by Robert McLister at the Financial Post.
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