4 Questions You Need to Ask Before You Sign Your Mortgage Renewal
4 Questions You Need to Ask Before You Sign Your Mortgage Renewal
Over 1.25 million Canadians will renew their mortgage in the next two years. The scary part? More than 70% will simply sign the first offer their bank slides across the table. That “renewal inertia” costs people thousands of dollars every term.
But it doesn’t have to be you.
Before you sign anything, here are four questions you should be asking, and what the answers should sound like if you’re dealing with someone who has your back.
1. What’s your process from start to finish?
A strong mortgage professional will:
Review your entire financial picture (not just the mortgage number).
Shop dozens of lenders, not just one bank’s in-house menu.
Negotiate pricing and terms for you, day one.
Guide you step-by-step until the keys (or renewal papers) are in hand.
If all you hear is “We’ll send you an offer and see what you think,” 🚩 that’s a red flag.
2. What will you teach me through this process?
Mortgages aren’t just rates. You should walk away understanding:
How prepayment privileges actually save you money.
What penalty structures look like if you break early.
Why one term length works better than another.
How your mortgage fits into your bigger financial strategy.
If nobody is teaching you anything, you’re not being advised, you’re just being sold.
3. What product options do I actually have and why?
The right answer is never “This is what we have, take it or leave it.”
A broker can show you:
Fixed, variable, or hybrid terms.
Shorter vs longer commitments.
HELOCs, second mortgages, or niche lender programs if needed.
And most importantly, why one is a better fit for your situation. Banks sell products. Brokers build strategies.
4. Will you still support me after my mortgage funds?
The deal closing isn’t the end of the story it’s the beginning.
You deserve a partner who:
Checks in as rates shift.
Reviews your mortgage well before renewal time.
Answers quick “what-if” questions about future plans.
If your lender disappears the moment the ink dries, you’re on your own.
Bottom Line
Asking these four questions will tell you immediately whether you’re working with a true advisor or just another sales rep.
If you’re coming up for renewal (or know someone who is), let’s talk strategy before you sign anything. A quick equity analysis or renewal review could be the difference between overpaying thousands or setting yourself up for financial breathing room.
💡 Thinking About Your Renewal?
Don’t leave thousands on the table. Let’s walk through your renewal options together and build a strategy that actually works for your life and goals.
📞 Contact Rob Skoko
Phone: 604.771.4085
Email: rob@skoko.ca
Website: skokomortgages.ca
✨ Free Mortgage Renewal Review → Quick, simple, no obligation.
👉 Book Now
