How can mortgage owners prepare for higher rates at renewal?

Now well into the Bank of Canada’s interest rate hiking cycle, many mortgage owners have yet to feel the full effect of higher interest rates.

But as renewal dates approach, experts say borrowers should talk to their lenders sooner rather than later to discuss their options – though these may be limited.

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Daniel Vyner, the principal broker at DV Capital, said borrowers should first determine whether their current lender is prepared to offer a renewal. From there, he said borrowers can determine if they want to change lenders.