TL;DR: No. It's tempting when your mortgage comes up for renewal to just sign the offer your current lender gives you. There are plenty of good reasons to contact Click Mortgage 5-6 months before your maturity/renewal date. Here are some of them.

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Know all your options

Don't sign the renewal offer even if it is "time sensitive"

If you sign the renewal offer, you can't take it back. You will be locked in, with no way to back out. Signing the renewal offer will give away all the negotiating power you might have. When it is presented as a "limited time offer" this is a sales tactic designed to get you sign as quickly as possible; it is not necessarily a sign of a great deal.

Start shopping early

Interest rates are volatile, and that doesn't look like it's about to change. You can start shopping for your renewal up to 6 months early. Our strategy is to work with you to determine what lenders and products best meet your needs and who offers the best rate. We lock in that interest rate for you when you are 4 months from your renewal date. Between 4 months and 2 weeks from your renewal date, your renewal is actively monitored for opportunities to lower the interest rate, either because of falling rates or if another lender offers something better. You do not have this option with your existing lender. If you renew with your existing lender and rates fall, you do not get the lower rate.

Your current lender will start contacting you to renew your mortgage anywhere from 6 months to 30 days prior to your renewal date. In our experience, when they contact you is related to whether rates are going up, down, or sideways. 

If rates are going up, it's unlikely you will be contacted much earlier than 30 days prior to renewal. Lenders aren't in the business of actively trying to make less money, so it benefits them to let rising rates run a little higher, and then renew you. If rates are dropping, it makes more sense for a lender to try to renew you as early as possible, to lock you in to that higher rate. 

By starting your shopping as early possible with Click Mortgage, you can lock in a low rate right away to protect yourself if rates increase, and you can reduce your interest rate if the opportunity comes up.

Get a mortgage that fits who you are today

There's a good chance there's a better lender and product out there that matches your current needs. You change, and your life changes, and we think your mortgage should change with you.

Better rates and conditions

The sticker price of your mortgage - the interest rate

By now it's no secret that mortgage brokers beat bank rates nearly all of the time. This is because our lenders compete for your business. We look great when we get you a lower rate, and our business grows when we serve our clients well. Your current lender's job is to keep you as a customer, but also to profit as much as possible. Your goal (to save money) and our goal (to save you money) is aligned. Your goal and your current lender's goal (to make as much money as possible) are not.

We find you the best of all the features and fine print

If you're just coming off of your very first mortgage, there's a chance that when you started with that lender or bank, the features of the mortgage were not as important then as they might be now. Going into your second (or third..) mortgage, you may be more aware of all the things that impact how much you pay (other than the interest rate). These features and fine print are so important that we wrote a whole article about it. Our mission is to save you the most money possible. It's very important to understand ALL of the things that can cost you money over time if you weren't aware what you were getting. 

Fast, easy, and free

We know what a headache renewing your mortgage can be. Prolonging that stress is not the answer – renew with us and get back to life quickly. No Tylenol required. Our industry-leading process and technology makes renewing faster and easier than ever before. And with no cost to switch, you have nothing to lose and everything to gain.

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