Mortgage renewal nanaimo

BC Homeowners: How to Prepare for Your Mortgage Renewal in 2026 or 2027

If your mortgage is coming up for renewal in 2026 or 2027, now’s the time to start preparing. Thousands of homeowners across Nanaimo and Vancouver Island will be renewing in the next couple of years – and with rates, budgets, and life circumstances always changing, a little preparation can make a big difference.

Here are four smart steps to help you get ready for your renewal and make the most of your options.

 

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1. Know Your Options Early

Don’t wait until your renewal notice arrives. If your income has changed, or if you’ve built up equity, your options may look very different than they did five years ago. Maybe you’re thinking about refinancing to fund renovations or consolidate debt, or you’d like to explore different lenders to find a better fit.

By starting early, you can shop around, compare products, and avoid being locked into a less competitive offer from your current lender.

 

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2. Review Your Budget and Future Plans

Before you renew, take a close look at your current financial picture.
 Ask yourself:

  • Has my income or employment changed?

  • Do I have large expenses coming up (home renovations, education, etc.)?

  • Do I want to pay off my mortgage faster or lower my monthly payments?

Knowing your goals helps your broker tailor your mortgage to your next stage of life – not just renew it automatically.

 

Mortgage Broker Nanaimo

 

3. Use a Mortgage Broker, Not Just Your Bank

Why is it smarter to use a mortgage broker? While your bank might offer you a renewal letter and call it a day, a mortgage broker works for you – not the lender. A broker can compare rates and terms across multiple lenders, negotiate on your behalf, and find solutions that fit your budget and goals.

At Mid Island Mortgage, we work with a wide range of lenders across BC, so you get options, not limits.

4. Take Advantage of Rate Holds

Did you know you can secure a rate hold up to 120 days before renewal? If rates go up before your renewal date, you’ll be protected – and if they go down, you’ll still get the lower rate. That’s why looking early is better. It gives you time to make informed decisions and avoid surprises.

Get Ahead of Your Renewal

If your BC mortgage renews in 2026 or 2027, it’s not too early to start planning. Getting ahead now means more flexibility, less stress, and the best possible rate when the time comes.

Reach out to Mid Island Mortgage today to discuss your renewal options. We’re proud to serve homeowners in Nanaimo and across Vancouver Island, helping you renew with confidence and clarity.