2025 is set to be a record year for mortgage renewals and I know that a lot of people are worried about the impact of a higher rate on their payments. 

Let's look at an example: 

You took a $400,000 mortgage in 2020 at a rate of 2.49% for 5 years. Payments were spread over 25 years. Your payment is currently $1,789.87/month.

It is now 5 years later (2025) and you owe $ 338,483.53. You have 20 years left on your mortgage. The current 5 year fixed rate is 4.29%. Your new payment will be $2,096.40/month.

That is a difference of $306.53/month. If that increase is going to put you in an uncomfortable financial position reach out. I can see if there is anything I can do the mitigate this. 

If you are within 120 days of renewal I can hold your rate for you plus watch for rate drops and get those for you. 

Your current lender might offer you an amazing rate to stay with them. Have them give you an offer and then let me take a look. I will be the first one to tell you if it's a good deal and to take it. However, be cautious of signing anything with them as once they lock you in they rarely drop the rate for you if mortgage rates drop before your renewal date.

I am your mortgage broker. I am the expert at what I do and my primary focus is making sure I give you the solutions that fit your needs. 

Please reach out. I'm happy to help!

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