Graham MacLeod, Mortgage Broker in Ottawa, ON

Renewal coming up?

Pick the month your term ends. Here is when to start, compare and sign.

The month your term ends

September Start the conversation About four months ahead. I review your file and what your lender is likely to offer.
October Compare offers About three months ahead. Offers from other lenders, with rate holds where available.
December Decide and sign About one month ahead. You choose; I handle the paperwork.
January Your term ends The new term starts the next day, with no gap.

October Start the conversation About four months ahead. I review your file and what your lender is likely to offer.
November Compare offers About three months ahead. Offers from other lenders, with rate holds where available.
January Decide and sign About one month ahead. You choose; I handle the paperwork.
February Your term ends The new term starts the next day, with no gap.

November Start the conversation About four months ahead. I review your file and what your lender is likely to offer.
December Compare offers About three months ahead. Offers from other lenders, with rate holds where available.
February Decide and sign About one month ahead. You choose; I handle the paperwork.
March Your term ends The new term starts the next day, with no gap.

December Start the conversation About four months ahead. I review your file and what your lender is likely to offer.
January Compare offers About three months ahead. Offers from other lenders, with rate holds where available.
March Decide and sign About one month ahead. You choose; I handle the paperwork.
April Your term ends The new term starts the next day, with no gap.

January Start the conversation About four months ahead. I review your file and what your lender is likely to offer.
February Compare offers About three months ahead. Offers from other lenders, with rate holds where available.
April Decide and sign About one month ahead. You choose; I handle the paperwork.
May Your term ends The new term starts the next day, with no gap.

February Start the conversation About four months ahead. I review your file and what your lender is likely to offer.
March Compare offers About three months ahead. Offers from other lenders, with rate holds where available.
May Decide and sign About one month ahead. You choose; I handle the paperwork.
June Your term ends The new term starts the next day, with no gap.

March Start the conversation About four months ahead. I review your file and what your lender is likely to offer.
April Compare offers About three months ahead. Offers from other lenders, with rate holds where available.
June Decide and sign About one month ahead. You choose; I handle the paperwork.
July Your term ends The new term starts the next day, with no gap.

April Start the conversation About four months ahead. I review your file and what your lender is likely to offer.
May Compare offers About three months ahead. Offers from other lenders, with rate holds where available.
July Decide and sign About one month ahead. You choose; I handle the paperwork.
August Your term ends The new term starts the next day, with no gap.

May Start the conversation About four months ahead. I review your file and what your lender is likely to offer.
June Compare offers About three months ahead. Offers from other lenders, with rate holds where available.
August Decide and sign About one month ahead. You choose; I handle the paperwork.
September Your term ends The new term starts the next day, with no gap.

June Start the conversation About four months ahead. I review your file and what your lender is likely to offer.
July Compare offers About three months ahead. Offers from other lenders, with rate holds where available.
September Decide and sign About one month ahead. You choose; I handle the paperwork.
October Your term ends The new term starts the next day, with no gap.

July Start the conversation About four months ahead. I review your file and what your lender is likely to offer.
August Compare offers About three months ahead. Offers from other lenders, with rate holds where available.
October Decide and sign About one month ahead. You choose; I handle the paperwork.
November Your term ends The new term starts the next day, with no gap.

August Start the conversation About four months ahead. I review your file and what your lender is likely to offer.
September Compare offers About three months ahead. Offers from other lenders, with rate holds where available.
November Decide and sign About one month ahead. You choose; I handle the paperwork.
December Your term ends The new term starts the next day, with no gap.

General timing, not advice. Your lender must send its renewal statement at least 21 days before the term ends.

Which kind of mortgage fits you?

Choose a type to see how it behaves. Your broker will compare real offers for your situation.

The rate and the payment stay the same for the whole term.

Your payment: Stays the same for the term, often five years.
If rates change: Nothing changes until renewal.
Breaking early: The penalty is usually the greater of three months’ interest or an interest rate differential, which can be large.
Suits you if: You want a predictable budget and expect to keep the mortgage for the term.

The rate moves with the lender’s prime rate; the payment often stays the same.

Your payment: Usually fixed; more or less of it goes to principal as prime moves.
If rates change: Rising rates mean slower repayment, and payments can be reset if rates rise far enough.
Breaking early: The penalty is usually three months’ interest.
Suits you if: You can live with change, or may sell or refinance before the term ends.

Like variable, but the payment itself changes whenever prime changes.

Your payment: Goes up or down with the prime rate.
If rates change: You feel it in your next payment; your repayment schedule stays on track.
Breaking early: The penalty is usually three months’ interest.
Suits you if: Your budget has room to absorb payment changes.

A credit line secured by your home that you draw on and repay as you need.

Your payment: Can be interest only on what you have used.
How much: In Canada the revolving part is limited to 65% of the home’s value, and 80% together with a mortgage.
The rate: Usually prime plus a margin, so it moves with prime.
Suits you if: You want flexible access for renovations or investments and a plan to repay.

An open mortgage can be paid off anytime; a closed one costs less but limits prepayment.

Open: Repay any amount at any time without a penalty, at a higher rate.
Closed: A lower rate, with yearly prepayment limits set by the lender and a penalty to break.
Often used: Open for a short time before a sale or a lump sum; closed for most homeowners.
Suits you if: You know exactly when you will pay a large amount down.

General information, not advice. Terms differ between lenders.

Graham MacLeod on a residential street in the Glebe

Twenty-five years, one approach: explain everything, recommend honestly.

I started in commercial banking and moved to brokerage to work for the borrower rather than the lender. Most of my clients come through their accountant, their lawyer or a neighbour.

Brokerage: Rideau Ledger Mortgages Inc.
Licence: M00000789

Graham started on our renewal in the spring and laid out three options with the real cost of each. We stayed with our lender at a better rate.

Sample clients D. and L. Renewal in Westboro. Shared with consent.

I refer clients to Graham because his summaries are clear enough to put straight into our planning file.

Sample referrer, chartered accountant Professional referral. Shared with consent.

Questions clients ask

Can’t I just sign my lender’s renewal letter?

You can, and sometimes it’s the right choice. But the first offer is often not the best one. Comparing takes a few weeks if you start early.

Will switching lenders at renewal cost me anything?

Often not at renewal itself, as there’s no penalty once your term ends. There may be legal or appraisal costs, and some lenders cover them. I show you the full cost before you decide.

When does a refinance make sense?

When the savings, or the use of the equity, clearly outweigh any penalty and costs. I calculate the break-even point so you can see it in months.

What do you charge?

On most residential mortgages the lender pays the brokerage, so there’s no fee to you. If a file ever needs a fee, you’ll see it in writing before you agree to anything.

Calm, thorough advice for your renewal or refinance.

Renewal coming up?

For accountants, lawyers and planners

Which kind of mortgage fits you?

Twenty-five years, one approach: explain everything, recommend honestly.

Questions clients ask

What would the payment be?

Your documents, sent securely in minutes

Start your renewal review