If you’re among the many homeowners in London, Ontario, with a mortgage renewal on the horizon, preparing for your renewal meeting is crucial. This meeting is your opportunity to negotiate terms, ask questions, and secure the best possible rate. Here’s how you can prepare for your mortgage renewal meeting to ensure a favorable outcome.

Review Your Current Mortgage

Start by thoroughly reviewing the terms of your existing mortgage. Understand your current rate, term, and any penalties associated with changing your mortgage. This knowledge will serve as a foundation for your renewal discussions.

Assess Your Financial Health

Lenders will look at your current financial situation, so it’s important you do too. This includes checking your credit score, assessing your debt-to-income ratio, and reviewing your financial goals. A strong financial position can give you more negotiating power.

Understand Market Conditions

Interest rates and mortgage products are influenced by market conditions. Before your meeting, research the current state of the mortgage market in London, Ontario. Knowing whether rates are expected to rise or fall can inform your decision on the type of mortgage you choose.

Determine Your Mortgage Needs

Consider what you want from your renewed mortgage. Are you looking to lower your monthly payments, pay off your mortgage faster, or do you need more flexibility with your payments? Your goals will directly influence the mortgage options you consider.

Gather Necessary Documentation

Be prepared by gathering all the necessary documentation beforehand. This typically includes identification, proof of income, recent tax returns, and any other documents your lender requests. Having everything ready will streamline the process.

Prepare Your Questions

Write down any questions you have before your meeting. This might include questions about rates, fees, penalties for breaking your mortgage early, and options for making extra payments. A clear list of questions will ensure you don’t forget to ask about anything important.

Explore Other Offers

Don’t limit yourself to your current lender. Explore offers from other financial institutions and mortgage brokers. Having quotes from other lenders can provide leverage in your negotiations.

Practice Your Negotiation

Negotiating can feel daunting, but remember, it’s an important part of securing the best possible mortgage. Practice your negotiation points, focusing on your strong financial position, the research you’ve done, and the better rates you’ve found elsewhere.


Preparing for your mortgage renewal meeting in London, Ontario, is about doing your homework and understanding your financial position. By following these tips, you’ll be in a strong position to negotiate terms that best suit your needs and financial goals. Remember, this is an opportunity to reassess and potentially improve your mortgage conditions, so take full advantage.