Renewal or refinance: which is better for your Alberta or BC home in 2025?


When your mortgage term is almost up, you must decide whether to renew or refinance. The right choice for homeowners in BC and Alberta depends on their financial goals, the housing market, and changes in interest rates that are coming up.

What Does It Mean to Renew?

When you renew your mortgage, you stay with the same lender for another term. Most lenders send you offers to renew before your current term ends. It's simple to use, but it's not always the best deal.

You might find that switching lenders could save you money or give you terms that are better for your needs by comparing renewal offers to what's available in the wider market. For more information, refer to our Mortgage Renewal Services.

What does it mean to refinance?

Refinancing goes one step further. You can change the terms of your mortgage by:

  • Accessing home equity for renovations or investments.
  • Putting all of your high-interest debt into one payment that you can handle.
  • Getting a better interest rate or more flexible repayment terms.
  • Our mortgage refinancing services help homeowners through this process and make sure you make choices that are in line with your long-term goals.

Which one is right for you?

Choose renewal if you like your lender and the rates are acceptable.

Choose refinancing if you need flexibility, want to access equity, or are seeking better terms.

For more examples of when refinancing might be a good idea, refer to our blog post on refinancing in 2025.

Conclusion

Renewal and refinancing are both very useful tools. Knowing the difference will help you get the most out of your mortgage. Sandhu & Sran Mortgages can help you compare options, look at market conditions, and make the best choice for your Alberta or BC home if you're not sure which one is best for you.

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