Mortgage Renewals

Before you sign, understand your options

Your lender’s renewal offer is a starting point. I help you compare the rate, costs and flexibility with other available options so you can decide whether to stay, switch lenders or make a larger change.

I’m Tyler Shymkiw, PhD, a Mortgage Broker with Thrive Mortgage. Based in Maple Ridge and serving homeowners across British Columbia, I bring a research-oriented approach and direct, hands-on service to your renewal decision.

Review my renewal offer · Call 604-868-6495

Three choices at renewal

Renew with your current lender

If your lender offers to renew, staying may be straightforward. We can assess whether the offer fits your budget and plans, and which terms deserve a closer look. Sometimes staying is the right decision.

Switch to another lender

A different lender may offer a better fit. Compare the complete cost and features, including any expenses of moving the mortgage. Switching requires approval from the new lender; a lower advertised rate does not establish eligibility.

Refinance for a different goal

If you want additional funds, debt consolidation or a different repayment structure, a refinance may be appropriate. It involves a separate assessment and can change your borrowing costs. Explore mortgage refinancing.

What I compare for you

My analytical background shapes how I approach your mortgage: understand the question, examine the numbers and explain the trade-offs. A renewal review considers:

  • The offered rate and term alongside available alternatives.
  • Payments, interest costs and the balance remaining at the end of the term.
  • Fixed versus variable options in the context of your budget.
  • Prepayment privileges, portability and costs if your plans change.
  • Switching expenses and any lender contribution toward them.
  • Your plans to move, renovate or repay the mortgage sooner.

When should you start?

Get in touch a few months before your mortgage matures. Starting early gives us time to compare offers, check documents and coordinate a switch if you choose one. Rate holds and timelines vary by lender and product. If your renewal is close, contact me now so we can assess what is practical.

A straightforward renewal review

  1. Start with your current mortgage. Tell me your renewal date, approximate balance and what your lender has offered, if available.
  2. Discuss what has changed. We will review your budget, plans and any income or credit changes that could affect your options.
  3. Compare the available choices. I will explain the relevant rates, costs, features and approval requirements.
  4. Choose your next step. If you proceed with a new lender, I will help coordinate the application, documents and conditions.

I work directly with you and can arrange conversations outside normal banking hours.

Mortgage renewal questions

Do I have to accept my bank’s renewal offer?

You can compare options before deciding. Staying may suit you, but it is worth reviewing the offer in light of your circumstances. Check your lender’s deadlines and what happens if you do not respond.

Will I need to qualify again to switch lenders?

A new lender must approve the mortgage and may request income, credit and property information. Requirements depend on the lender and transaction, including whether you change the balance or remaining amortization. I will check the requirements for your specific options.

What can switching lenders cost?

Potential expenses include discharge, registration or transfer fees, legal or notary work, an appraisal and administration charges. Some lenders cover eligible costs. We will confirm what applies and compare the net benefit. Moving before maturity may also trigger a prepayment penalty.

Can I borrow more or change my amortization at renewal?

Potentially, subject to approval. These changes may require refinancing rather than a straightforward switch. Extending repayment can lower payments while increasing total interest, so we should compare immediate cash flow and longer-term cost.

What if I am self-employed or my income has changed?

Tell me early so we can assess the options and supporting documents. Income changes can affect qualification. Learn about self-employed mortgages.

What should I have ready?

Your latest mortgage statement, maturity date and renewal offer are useful starting points. Use the contact form to request a conversation; I will explain how to provide financial documents securely.

Review your renewal offer with me

You do not need every document or know which mortgage you want before getting in touch. Let’s start with your renewal date, your lender’s offer and what matters to you.

Tyler Shymkiw, PhD — Mortgage Broker, Thrive Mortgage

Helping homeowners across BC, including Maple Ridge, Pitt Meadows, Mission, Coquitlam, Port Coquitlam, Langley and Burnaby.

Review my renewal offer · Call 604-868-6495

General information: Financial Consumer Agency of Canada — Renewing your mortgage. Options and eligibility depend on your circumstances and lender requirements.