First, take a breath. A higher renewal payment is a real squeeze, but you usually have more options than the bank's renewal letter suggests. The goal is to make a clear-eyed decision — not a rushed one.
Why 2026 hits harder
If you signed a five-year term in 2020 or 2021, you likely locked a rate far below today's. Renewing now can mean a meaningfully higher monthly payment on the same balance. For some households that's manageable; for others it changes the whole picture — and it's worth running the numbers before the renewal date, not after.
Your three real options
- Renew & absorb it. If the higher payment fits your budget and you love the home, staying put is often the right call. Shop the rate — your current lender's first offer is rarely their best, and you can move lenders at renewal without penalty.
- Refinance or restructure. Extending amortization, consolidating higher-interest debt, or tapping equity can ease cash flow. This is a mortgage-broker conversation, and I work with good ones.
- Sell on your terms. If the new payment doesn't work — or the home no longer fits your life — selling before you're forced to is almost always better than selling under pressure. You keep control of timing, price, and presentation.
Know the honest number first
Every one of these options depends on one thing: what your home is actually worth today. Not the number a portal estimates, not what your neighbour "heard" — the real number, based on what comparable homes on your street have actually sold for. That's the foundation for every smart decision here, and it's exactly what I give people: a straight, no-obligation valuation.
If selling is the move
Selling because of a renewal squeeze is nothing to be embarrassed about — it's a sound financial decision made early. I'll handle it discreetly and strategically, position the home to get the most the market will pay, and help you line up your next step.