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How to refinance and make your mortgage work harder
Lower your rate, consolidate debt, or unlock equity—without guessing. This guide breaks down when refinancing makes sense (and when it doesn’t).
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How to renew your mortgage with confindence
Renewing your mortgage shouldn’t be a shrug-and-sign situation. This guide breaks down your renewal options, what you can renegotiate, and when it pays to shop around, so you don’t miss out on saving thousands of dollars.
Step 1
Get your mortgage renewal notice
When your lender sends that renewal notice 21 days before your term ends, it can feel like a routine step. Sign, send back, move on.
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But that first renewal offer is almost never the best one, just the easiest.
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The smartest move is to start reviewing your options up to six months out. That gives you room to compare rates, negotiate confidently, and decide what actually makes sense for your next chapter.
Your renewal letter will usually include:
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The new interest rate
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The proposed term
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Your updated payment
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A deadline to respond
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Prepayment details
What it will not include:
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Competing offers
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A negotiation strategy
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Insight into whether your rate is truly competitive
This is a decision that can shape your payments for years.
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At Dominion, we treat renewal like an opportunity, not an admin task. We shop the market, pressure test the offer, and make sure your next term works harder for you than the last one did.
Step 2
Review your current mortgage details
The first step to a successful renewal is making sure you feel clear on your current mortgage details. Take a look at:
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Your remaining balance (aka what you still owe)
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Your current interest rate and whether you’ve been quietly overpaying
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Your payment frequency (monthly, bi-weekly, or something in between)
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How much of each payment is actually shrinking your mortgage vs. feeding interest
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Any penalties for switching before your term ends (if you’re renewing early)
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How much flexibility you have for prepayments, lump sums, or skip-a-payment options
Step 3
Figure out your renewal goals
Before you start shopping around for your mortgage renewal, it helps to take a look at how your life has changed since you last signed on the dotted line. Our brokers are here to help you figure out what the best outcome looks like for you, not what’s easiest or most profitable, like the banks.
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Think about:
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How your income has changed since your last term
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Whether you’re planning to move, renovate, or stay put
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If you want to restructure your mortgage or use it to pay down other debts
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Ask yourself what you want to achieve in this next chapter:
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Lower your monthly payments
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Cut down the total interest you’ll pay
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Own your home sooner
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Switch between fixed and variable
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Adjust your amortization
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Unlock more room for prepayments
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Think of it as a mortgage check-up meets life update, so your next term actually fits the life you’re living now.
Step 4
Talk to a Mortgage Expert
Your rate matters, but it’s only one piece of the mortgage puzzle. Fixed vs. variable, term length, payment frequency, prepayment privileges, portability, it adds up fast. This is where working with a Mortgage Expert can not only make the process so much easier, but also save you thousands on your mortgage.
Your broker will:
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Stack your current lender’s offer against multiple lenders
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Lay out side-by-side rates, payments, and scenarios
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Spot when switching lenders actually saves you more (even after small fees)
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Negotiate on your behalf for the strongest renewal deal available
And the best news? Most renewals don’t require a full re-qualification. Your broker will tell you exactly what’s needed and what you can happily ignore.
Step 5
Get a personalized mortgage renewal plan
This is the “lay it all out on the table” moment where you compare your original renewal letter with any new offers. You can choose to negotiate a better rate, make the switch to a new lender, or restructure your mortgage to fit your life now.
Your broker will help make the decision easier by providing a breakdown that clearly shows:
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Your best available rate (shopped across multiple lenders)
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What your monthly payments look like for each option
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How much interest you’ll save, or spend, over time
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Any switching fees (often softened by lender cash incentives)
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A recommended term that lines up with your goals, not your lender’s defaults
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No guesswork. Just smarter choices, clearly explained.
Step 6
Choose your lender and lock in your new rate
Once you choose your mortgage renewal option, your broker handles the next steps, and:
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Secure your rate
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Confirm paperwork requirements
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Submit any required documents
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Coordinate with your current lender if you’re switching
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Handle the transition so your payments continue smoothly
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If you’re switching, you may need to provide documents before getting final approval. Our Mortgage Experts can help guide you through this so you understand exactly what you're signing.
Step 7
Finalize your new mortgage term
Your new term begins once the renewal is signed and processed. You’ll receive:
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Confirmation of your new rate
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Your payment schedule
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Details of any prepayment privileges
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Information on making lump-sum payments or increasing your contribution
Your broker stays in touch and can help you review your mortgage anytime, especially if rates change or your life situation shifts.
Start your online mortgage renewal
Frequently asked questions about mortgage renewals
No, you're free to switch to a different lender at renewal time without facing the same penalties you'd get for breaking your mortgage. Our Mortgage Experts can help you decide if it makes sense to switch, or stay.
Aim for around 4–6 months before your term ends. That gives you enough time to compare options, negotiate, and avoid last-minute pressure.
Often, yes. We can explore shortening your amortization to pay off faster, or lengthening it if you need lower monthly payments—always balancing today’s budget with long-term interest savings.
That’s exactly when it’s helpful to work with a Mortgage Expert. We can help you find lenders who are comfortable with your situation and structure your renewal so it works for where you are now.
A broker will typically pull one credit report and use it to shop among multiple lenders. That’s usually easier on your credit than applying to several lenders on your own.