With interest rates starting to trend down again, now’s a good time to start thinking ahead, especially if your mortgage renewal is coming up or you’ve been considering a move. A few small steps now can save you stress (and money) later.
🔔 Let’s break down a few key things to know.
When you hear about “rate holds,” it just means you can ask a lender to hold today’s rate for you, usually for up to 120 days, or about four months. If rates go up during that time, you’re protected. If they go down, you still get the lower one. It’s a free, simple way to give yourself some peace of mind.
You also don’t always have to wait until your renewal date. Many lenders will let you renew your mortgage early — often 4 to 6 months before it’s due. This can be a smart move if you want to lock in a lower rate or just get some stability with predictable payments. The key is to check the details first, since some lenders might charge a small penalty for renewing too early. I can help you figure out if that’s worth it in your situation.
If you’re thinking about moving, there’s another option that not everyone knows about — porting your mortgage. Porting basically means bringing your existing mortgage (and its rate) with you to your new home. It can help you avoid starting from scratch at a higher rate or paying a penalty to break your term. Every lender has slightly different rules, so it’s always worth a quick conversation before you make any big decisions.
And here’s some good news: a few lenders are offering cashback incentives right now — sometimes up to $4,000 — on certain mortgage products. This can be helpful if you’re renewing early, refinancing, or covering moving costs.
If you want to read more about renewing your mortgage, check out my blog post on Navigating Your Mortgage Renewal in 2025.
Here's the bottom line?
The market is shifting, and there’s a lot of opportunity to make smart moves right now.
Whether you’re renewing, refinancing, or thinking about a new home, getting advice early makes all the difference.
If you want to talk through what’s best for you email me at denise@mortgageinthecity.ca
