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If you are due for a mortgage renewal in 2024, there are some important things to consider ahead of time. This is an important milestone which can impact your financial stability, so being well-informed is key to making the right decision. Let us help you keep informed and make the process as smooth as possible as we approach 2024.

Pre-calculate Your Payment with a Higher Rate:

Interest rates are a crucial factor in determining your mortgage payments. To prepare for potential rate increases, it's advisable to pre-calculate your payments using a higher interest rate, around six to seven percent. This foresight allows you to budget effectively and ensures you can comfortably handle any payment adjustments that may come with the renewal.

Check with Your Lender on Payment Adjustments:

If the pre-calculated payment seems too high for your current financial situation, it's essential to communicate with your lender. Inquire about the possibility of extending your amortization period, which can help reduce the immediate impact of a higher payment. Many lenders are willing to work with homeowners to find a solution that aligns with their financial capabilities.

Research Prepayment Privileges:

Understanding the prepayment privileges of your mortgage is crucial. Research the terms and conditions surrounding prepayments and consider using any available cash on hand to reduce your mortgage principal. By doing so, you can minimize the long-term impact of potential rate increases and decrease the overall interest paid over the life of the loan.

Explore Support from Baby Boomer Parents:

In some cases, baby boomer parents are providing financial support to their children to help lower mortgage balances. If this is an option for you, consider discussing it with your family. Such support can significantly ease the financial burden associated with a mortgage renewal and contribute to long-term financial stability. You can also use the help from parents as a co-signer to get approved at another bank if your current bank payments get out of hand.

Start Shopping Interest Rates Early:

It's never too early to start shopping for interest rates. As your mortgage renewal date approaches, begin researching and comparing rates at least six months in advance. This proactive approach allows you to secure the most favourable terms and ensures that you have ample time to explore different options. It is recommended to contact a mortgage broker ahead of time because we know the trends of rates and can help you get pre-approved at a lower rate before your renewal time arrives so that you can choose the lower rate.

Consider Refinancing Opportunities:

If you anticipate a large payment increase that may impact your finances negatively, it could be an opportunity to explore mortgage refinancing. By refinancing, you may be able to secure a lower interest rate, extend your amortization period, or even leverage the equity in your home to consolidate debt. This strategic move can provide financial relief and enhance your overall financial well-being.

Evaluate the Option to Buy Another Property:

In some cases, a substantial payment increase at renewal may prompt homeowners to consider purchasing another property. This can be a strategic move to refinance your mortgage, extend your amortization, and potentially lower your overall debt burden. Carefully assess the market conditions and your financial goals before pursuing this option.


Don’t start 2024 off being stressed about your financial situation, approach your renewal well-informed. Talking with a mortgage broker can help you achieve your goals but helping you understand your current mortgage situation and navigate the renewal process. Call Browne Mortgage today and start preparing for your financial situation.



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