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  • Writer's pictureKarri Flatla

Millions of Mortgage Renewals are Sweeping into the Canadian Economy. Here's What Borrowers Need to Know

During the pandemic era real estate surge, homebuyers took advantage of historically low interest rates. Those mortgages--literally millions of them--are coming up for renewal, and Canadian homeowners are bracing.

"23% say a small increase in rate will cause them to have trouble making payments" [Mortgage Professionals Canada, Semi-Annual State of the Housing Market Report: 2023 Year-end].

Yet most mortgage holders do not know their options. Many simply sign back their bank's renewal offer and hope for the best. This is despite the fact that their backs are up against a financial wall, a wall that is showing cracks.

Mortgage borrowers should be asking lots of questions before committing to another mortgage term, such as:

  • Can I handle the size of my new payment?

  • Are my financial needs the same as they were 3-5 years ago?

  • What is a competitive interest rate, based on the type of mortgage I need?

  • Do I have available equity in my home for a refinance?

The list goes on...

If you're anxious about an upcoming mortgage renewal, get informed. Watch my video below. Do not sign back your bank's renewal offer before you are properly briefed on all your options. And don't wait until just weeks before your mortgage renews. Give yourself the time you deserve to strategize the biggest financial obligation of your lifetime.

Then give me a call (403-382-7335) or send me a message. There are plenty of 'unpublished' options available to you.



Contact Karri Direct or Schedule a Call

MMG Mortgages

113-1289 Highfield Cres SE

Calgary, AB T2G 5M2

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