Before You Sign That Renewal: Why 5 Minutes Could Save You $15,000

Your bank sends you a renewal letter. It looks official. The rate seems... fine? So you sign it and send it back.

And just like that, you might have cost yourself thousands of dollars.

Here's what most people don't know: your renewal letter is a starting point for negotiation, not a final offer. Banks are counting on you to just sign it without shopping around.

The reality is most renewal offers aren't competitive. They're convenient. And convenience costs money.

What we see all the time:

• Bank offers 5.79% on renewal

• We shop it with our 60+ lenders

• Client qualifies for 5.09% somewhere else

• On a $400,000 mortgage, that's $233/month savings

• Over 5 years? That's nearly $14,000

Three things to check before you sign:

1. Is this rate actually competitive? Call us. Seriously. We'll tell you in 10 minutes if your bank is giving you a fair deal or hoping you won't ask questions.

2. Do you need to access equity for anything? Renewals are the perfect time to consolidate high-interest debt, fund renovations, or help kids with down payments. But if you just sign the renewal, you've missed the window.

3. Are you still with the right lender? Maybe your bank was great 5 years ago. But lender strengths change. Product offerings change. Your situation changes. Just because you're with them now doesn't mean they're still the best fit.

Real example: Client got a renewal offer at 5.89%. "Seemed reasonable," she said. We shopped it. Found 5.24% at a credit union she'd never heard of. Same terms, better rate. Saved her $216/month.

She almost signed the bank's offer because "it's easier to just stay put."

***note: this was a B lender file.... not all files are at this rate... different rates for different situations & markets***

Here's what you should do:

At least 120 days before your renewal date, reach out to us. We'll:

• Review your current mortgage setup

• Shop your rate with 60+ lenders

• Tell you honestly if your bank's offer is fair

• Handle all the paperwork if you decide to switch

Our advice is free. The process takes maybe 20 minutes of your time. And it could save you thousands.

There's zero shame in exploring your options. That's exactly what you should be doing.

Never be too shy to call. Even if you think your rate is probably fine, let us confirm it. That's literally what we're here for.