Mortgage Renewal in Toronto

Smart Mortgage Renewal Options for Toronto, Richmond Hill & the Entire GTA

Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. Posted rates may be high ratio and/or quick close which can differ from conventional rates. *O.A.C. & E.O

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Esi Ghassemi - Mortgage Broker at Centum Financial Services Limited Partnership - Brokerage # 13054

Secure the Best Terms for Your Mortgage Renewal

Is your mortgage term coming to an end? Don’t settle for your current lender’s first offer. Mortgage renewal is an opportunity to reassess your financial goals, negotiate better terms, and even switch lenders for a more favorable deal. At Esi.Mortgage, we specialize in guiding clients across Toronto, Richmond Hill, and the Greater Toronto Area (GTA) through the renewal process to ensure they secure the best options.

What is Mortgage Renewal?

When your mortgage term expires, you must either pay off the balance in full or renew the mortgage for another term. Mortgage renewal gives you the chance to:

  • Renegotiate your interest rate.
  • Adjust your payment schedule.
  • Change the terms of your mortgage.
  • Switch lenders for better benefits.

Why Explore Your Options at Renewal?

Your current lender’s renewal offer might not be the best deal available. Exploring your options can:

Save Money

Secure a lower interest rate to reduce your monthly payments.

Gain Flexibility

Adjust your mortgage terms to better suit your financial needs.

Access Equity

Use renewal as an opportunity to refinance and access home equity.

Find Better Features

Switch to a lender offering more flexible prepayment options or other benefits.

How Esi.Mortgage Can Help

At Esi.Mortgage, we make the renewal process simple and rewarding. Here’s how we help:

Competitive Rate Analysis:

  • Compare offers from multiple lenders.
  • Negotiate on your behalf to secure the lowest possible rate.

Customized Solutions:

  • Tailor your renewal to align with your financial goals.
  • Explore options like refinancing or debt consolidation during renewal.

Seamless Transition:

  • Handle all paperwork and logistics to ensure a smooth renewal process.
  • Provide expert advice on penalties and fees if switching lenders.

Expert Guidance:

  • Offer insights into market trends and rate forecasts.
  • Help you maximize savings and benefits.

When Should You Start the Renewal Process?

Start reviewing your mortgage renewal options at least 120 days before your term ends. This allows ample time to:

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Research and compare rates.

Negotiate with your current lender.

Switch to a new lender if needed.

Our Partners

Why Choose Esi.Mortgage?

With extensive experience in Toronto, Richmond Hill, and the GTA, we’re committed to helping you make the most of your mortgage renewal. Our personalized approach ensures you get the best rates, terms, and overall value.

Transparent & Efficient Process

From pre-approval to closing, I provide clear guidance at every step. I aim to simplify the mortgage journey and empower you with the right financial decisions.

Client-First Approach

I work for you, not the banks. I prioritize securing the most competitive mortgage rates and terms while ensuring a smooth and stress-free process.

Personalized Mortgage Solutions

No two financial situations are the same. I focus on crafting customized mortgage strategies to align with your short-term and long-term goals.

Access to a Wide Network of Lenders

From major banks and credit unions to private lenders, I have the connections and expertise to find the best mortgage solutions tailored to your financial needs.

Industry Expertise & Experience

With over nine years in the mortgage industry, I bring a wealth of knowledge and insights to help clients navigate the complexities of home financing.

Case Study

Mortgage Renewal with a Better Rate in Ontario

The Goal

A couple in Mississauga had a mortgage renewal coming up on their $850,000 home. Their current lender offered a renewal rate of 6.49%, significantly increasing their monthly payments. They wanted to secure a lower rate while avoiding unnecessary penalties or fees

The Challenges

  • Rising Interest Rates → Limited options for securing a competitive fixed rate
  • Bank’s Limited Offers → Current lender wasn’t offering the best rates
  • Credit Score Impact → One borrower’s credit score dropped to 678, limiting choices

The Solution

Negotiated with multiple lenders to secure a lower 5-year fixed rate at 5.39%

Provided a smooth renewal process with no refinancing penalties

Used a lender that accepted one borrower’s lower credit score (678) while factoring in the other’s strong score (745)

The Outcome

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Final Mortgage:

$600,000 @ 5.39% (5-year fixed)

New Monthly Payment:

~$3,625 (vs. $3,950 at the original offer)

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Savings Over 5 Years:

$19,500 in interest costs

Renewal Approved in 6 Days

Why Work with Esi.Mortgage?

  • We negotiate better rates with multiple lenders
  • Flexible options, even with credit challenges
  • Smooth, penalty-free mortgage renewal process

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Frequently Asked Questions

What happens if I don’t renew my mortgage on time?

If you don’t renew, your lender may transfer your mortgage to an open term at a higher interest rate. It’s best to renew before your term expires.

Yes, switching lenders at renewal is common and often cost-effective. We help you evaluate options and handle the transition seamlessly.

Most lenders allow you to renew up to 120 days before your mortgage term ends. This is a great time to explore your options.

Some lenders may cover transfer fees as an incentive. We’ll help you understand any costs and negotiate the best deal.

Yes, refinancing at renewal is an excellent way to access home equity or consolidate debt. We’ll guide you through the process.