Planning Ahead to Get the Best Terms on Renewal!

Katherine Martin • February 3, 2021

If your mortgage term is almost up for renewal, there’s a good chance you’ll be pleasantly surprised with the low-interest rates available on the market today. While the pandemic has caused a lot of economic uncertainty, the result has been very low interest rates. In fact, the Government of Canada has indicated that rates will most likely stay low until 2023. 

So if your mortgage is up for renewal in the next 6 months, here’s what you should do.


Start now. Yep, right now. 


Getting ahead of your renewal is one of the most important things you can do. This will ensure that you don’t get busy, forget about the deadline, and have to make a rush decision. Or worse yet, your mortgage won't renew into a product you didn’t choose for yourself. You’ll want to weigh your options and make the best choice for you. This can take time. So start now. 


One of the benefits of reviewing your renewal with an independent mortgage professional is saving hours of research. We deal with mortgage financing daily; our job is to keep up with all the lenders and their products and provide you with professional advice.


Please connect with me to discuss your renewal. I’d be more than happy to outline all your options. 


Don’t sign your lender’s renewal offer. 


If you’ve already received a renewal letter from your current lender, the last thing you want to do is just select the term with the lowest rate, sign it, and send it back. You have more options than this. 


Renewal documents will showcase rates and products that are good for the lender, not necessarily for you. Mortgage lenders are in the business of making money, and as close to half of people sign their initial renewal offer without negotiating a better rate, lenders don’t feel they have to put their best offer forward. In fact, they make more money by doing the exact opposite. 


Just because your current lender was the best choice when you got your last mortgage doesn't mean they're still the best choice now. Make sure to consider all your options, not just the options in front of you. Let’s talk. 


Don’t get stuck on the rate. 


Modern consumerism has us conditioned to believe that the lowest price is always the best. And although this might be the case when buying stuff at the thrift store, it certainly isn’t when considering mortgage financing. Interest rate is only one thing you should consider when renewing your mortgage. 


Your goal should be to assess the quality of your next term by how much it lowers your overall cost of borrowing. Life is full of changes; you’ll want to ensure the features of your mortgage, such as term length, mortgage type, penalties, portability, and prepayment privileges, all line up with your goals. The lowest rate mortgage doesn’t always come with the most flexible terms. And sometimes, it makes sense to take a higher rate for better terms. Professional advice will help a lot as you make your decision.


So there you have it. If your mortgage is up for renewal anytime in the next six months, please contact me directly. Let's work together to secure the best mortgage for you. 

Katherine Martin


Origin Mortgages

Phone: 1-604-454-0843
Email: kmartin@planmymortgage.ca
Fax: 1-604-454-0842


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Tips to Pay Off Your Mortgage Early

By Katherine Martin • January 21, 2026
Owning a home feels great—carrying a large mortgage, not so much. The good news? With the right strategies, you can shorten your amortization, save thousands in interest, and become mortgage-free sooner than you think. Here are four proven ways to make it happen: 1. Switch to Accelerated Payments One of the simplest ways to reduce your mortgage faster is by moving from monthly payments to accelerated bi-weekly payments . Instead of 12 monthly payments a year, you’ll make 26 half-payments. That works out to the equivalent of one extra monthly payment each year, shaving years off your mortgage—often without you noticing much difference in your budget. 2. Increase Your Regular Payments Most mortgages allow you to boost your regular payment by 10–25%. Some even let you double up payments occasionally. Every extra dollar goes directly toward your principal, which means less interest and faster progress toward paying off your balance. 3. Make Lump-Sum Payments Depending on your lender, you may be able to make lump-sum payments of 10–25% of your original mortgage balance each year. This option is ideal if you receive a bonus, inheritance, or other windfall. Applying a lump sum directly to your principal immediately reduces the interest charged for the rest of your term. 4. Review Your Mortgage Annually It’s easy to put your mortgage on auto-pilot, but a yearly review keeps you in control. By sitting down with an independent mortgage professional, you can check if refinancing, restructuring, or adjusting terms could save you money. A quick annual review helps ensure your mortgage is always working for you—not against you. The Bottom Line Paying off your mortgage early doesn’t require a massive lifestyle change—it’s about making smart, consistent choices. Whether it’s accelerated payments, lump sums, or regular reviews, every step you take helps reduce your debt faster. If you’d like to explore strategies tailored to your situation—or want a free annual mortgage review—let’s connect. I’d be happy to help you find the fastest path to mortgage freedom.

Fixed vs. Variable Mortgage Rates in Canada

By Katherine Martin • January 14, 2026
Fixed vs. Variable Rate Mortgages: Which One Fits Your Life? Whether you’re buying your first home, refinancing your current mortgage, or approaching renewal, one big decision stands in your way: fixed or variable rate? It’s a question many homeowners wrestle with—and the right answer depends on your goals, lifestyle, and risk tolerance. Let’s break down the key differences so you can move forward with confidence. Fixed Rate: Stability & Predictability A fixed-rate mortgage offers one major advantage: peace of mind . Your interest rate stays the same for the entire term—usually five years—regardless of what happens in the broader economy. Pros: Your monthly payment never changes during the term. Ideal if you value budgeting certainty. Shields you from rate increases. Cons: Fixed rates are usually higher than variable rates at the outset. Penalties for breaking your mortgage early can be steep , thanks to something called the Interest Rate Differential (IRD) —a complex and often costly formula used by lenders. In fact, IRD penalties have been known to reach up to 4.5% of your mortgage balance in some cases. That’s a lot to pay if you need to move, refinance, or restructure your mortgage before the end of your term. Variable Rate: Flexibility & Potential Savings With a variable-rate mortgage , your interest rate moves with the market—specifically, it adjusts based on changes to the lender’s prime rate. For example, if your mortgage is set at Prime minus 0.50% and prime is 6.00% , your rate would be 5.50% . If prime increases or decreases, your mortgage rate will change too. Pros: Typically starts out lower than a fixed rate. Penalties are simpler and smaller —usually just three months’ interest (often 2–2.5 mortgage payments). Historically, many Canadians have paid less overall interest with a variable mortgage. Cons: Your payment could increase if rates rise. Not ideal if rate fluctuations keep you up at night. The Penalty Factor: Why It Matters More Than You Think One of the biggest surprises for homeowners is the cost of breaking a mortgage early —something nearly 6 out of 10 Canadians do before their term ends. Fixed Rate = Unpredictable, potentially high penalty (IRD) Variable Rate = Predictable, usually lower penalty (3 months’ interest) Even if you don’t plan to break your mortgage, life happens—career changes, family needs, or new opportunities could shift your path. So, Which One is Best? There’s no one-size-fits-all answer. A fixed rate might be perfect for someone who wants stable budgeting and plans to stay put for years. A variable rate might work better for someone who’s financially flexible and open to market changes—or who may need to exit their mortgage early. Ultimately, the best mortgage is the one that fits your goals and your reality —not just what the bank recommends. Let's Find the Right Fit Choosing between fixed and variable isn’t just about numbers—it’s about understanding your needs, your future plans, and how much financial flexibility you want. Let’s sit down and walk through your options together. I’ll help you make an informed, confident choice—no guesswork required.
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