Why Your Bank’s Renewal Letter Could Be Costing You Thousands

When your mortgage term comes to an end, your bank will often make things very easy. They’ll send you a letter. They’ll even pre-fill the forms. All you have to do is sign and send it back.

Sounds convenient, right?

Sure. But that convenience could be costing you thousands of dollars over the next few years.

Here's What Your Bank Isn't Telling You

Banks know that most homeowners are busy. They’re counting on you to sign that renewal letter without asking questions. And when you do, they rarely offer their best rate.

Why? Because there's no competition. They already have your business. Unless you push back or shop around, they have no reason to give you a better deal.

But here's the thing: you absolutely can negotiate your mortgage renewal. Or better yet, work with a licensed mortgage agent (like me) who does it for you.

Example: What One Conversation Saved a Client

One of my clients was about to sign their bank's renewal offer at a 5.89% fixed rate. They called me for a second opinion. Within a few hours, I had them approved at 5.14%.

That 0.75% difference saved them over $11,000 over their new 5-year term.

What You Can Do Instead

1. Don’t sign anything right away. You have time—usually 30-120 days before your renewal date.

2. Get a second opinion. A mortgage agent (like me at Bright Financial) can compare offers from multiple lenders.

3. Ask questions. Is your bank offering you the best product for your needs—or just what's easiest for them?

4. Use your renewal as a reset. This is the perfect time to consolidate debt, shorten your amortization, or even switch lenders.

The Bottom Line

Your mortgage is probably your biggest monthly expense. So why treat the renewal like an afterthought?

At Bright Financial, I help mid-career homeowners like you get the best possible deal—without the pressure or guesswork.

Your renewal is a chance to save, not settle. Let’s make it work for you.