Appendix ID: mortgage-renewal-worksheet
Existing mortgage
| Item | Entry |
|---|---|
| Lender | |
| Maturity date | |
| Current balance | |
| Current rate | |
| Payment/frequency | |
| Remaining amortization | |
| Charge type | |
| Prepayment privileges | |
| Current renewal offer | |
| Renewal response deadline |
Goals for next term
- [ ] Lowest predictable payment
- [ ] Faster principal repayment
- [ ] Flexibility to sell
- [ ] Flexibility to refinance
- [ ] Variable-rate exposure acceptable
- [ ] Consolidate debt
- [ ] Access equity
- [ ] Remove/add borrower
- [ ] Change title
- [ ] Prepare for retirement
- [ ] Convert rental/business use
Renewal option comparison
| Option | Rate | Term | Payment | Penalty method | Fees | Balance after term | Notes |
|---|---|---|---|---|---|---|---|
| Current lender | |||||||
| Transfer lender | |||||||
| Refinance | |||||||
| Alternative |
Renewal readiness
- [ ] Credit reports reviewed
- [ ] Income documents current
- [ ] Property value estimate reasonable
- [ ] Mortgage and property taxes current
- [ ] No undisclosed liens or second mortgages
- [ ] Future move/refinance probability assessed
- [ ] Payment stress-tested
- [ ] Insurance needs reviewed
- [ ] Start date at least 4–6 months before maturity
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