Clearly, although your mortgage renewal may seem like a banal procedure, it can be if you do not seriously think about the questions listed below:

1)  Are we satisfied with our current financial institution?

2)  Are there banks or lenders that can meet our needs better?

3)  Does our home need any major renovations: windows, roof, plumbing, electricity?

4)  Are we ready to take on those great projects we have been dreaming about for years: pool, new kitchen, new bathroom, finishing the basement, adding an extension?

5)  Do we have any high-interest debts on credit cards or on a personal line of credit?

6)  Are we certain that our current financial institution is offering us the best interest rate for our mortgage renewal?

7)  What would be the best type of loan for us:  a line of credit, variable or fixed rate, short or long term?

8)   Are our RRSP’s maximized?

9)   Are we planning on moving anytime soon?

10)  Are we still interested in buying that lakeside cottage?

11)  Is this a good time to invest in a revenue property?

Careful consideration of these questions will help you secure the best rate and conditions for your mortgage renewal. Do not sign the mortgage renewal that you will receive in the mail before speaking to an expert in the field (that means me!) who can help you answer all of these questions.

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