An independent look at your renewal offer
A comparison of cost, flexibility, and features
A plan for possible payment changes
Revisit your plans
A renewal is a useful time to review your income, monthly budget, anticipated move, and how quickly you want to repay your mortgage. Bring your current statement and renewal offer so Lorika can compare the details.
Compare staying and switching
Your existing lender is one option, not necessarily the only one. Compare interest, fees, prepayment features, and lender requirements. Switching and refinancing are different transactions and may have different qualification rules.
Prepare for a new payment
A different rate or remaining amortization can change your monthly payment. Start the conversation before your maturity date to leave time for document review, lender conditions, and a possible transfer.
Your questions, answered.
Should I simply sign my lender’s offer?
Review it first. Your goals, payment comfort, and competing options may have changed. There is no obligation to switch if staying is the better fit.
Is switching the same as refinancing?
No. A straight switch generally keeps the borrowing amount, while refinancing changes the structure or amount. Qualification, fees, and legal requirements differ.