💬 Mortgage Renewal Tips Every Kelowna Homeowner Should Know

A Quick Q&A With Mortgage Expert Alex McFayden from Flow Mortgage

Let’s be honest—mortgages aren’t exactly thrilling. But if your mortgage is coming up for renewal, it’s more than just paperwork—it’s an opportunity.

Whether you’re looking to lower your payments, access home equity, or plan your next move in the Kelowna real estate market, the renewal process is the perfect time to hit “reset” and make sure your mortgage aligns with your financial goals.

This month, I sat down with mortgage pro Alex McFayden from Flow Mortgage Co. to answer the most common mortgage renewal questions we hear from clients across the Okanagan.

If you own a home in Kelowna or are thinking about refinancing, this quick guide is for you:

 Should I just accept the mortgage renewal offer my bank sends me?

Alex: Definitely not. Banks rarely offer their best rates up front. Shopping around could save you thousands, and a mortgage broker can help you compare lenders and structure a plan that’s based on your goals—not just what benefits your lender.

 Is mortgage renewal a good time to access equity for renovations or investments?

Alex: Yes! Renewal is the ideal time to tap into your home’s equity—whether for home renovations, investment opportunities, or debt consolidation. It’s often the most cost-effective way to borrow.

 How can I lower my monthly payments when I renew?

Alex: A few smart strategies:

• Lock in a better interest rate
• Extend your amortization period
• Restructure your mortgage terms

The right approach depends on your financial goals—and we can help you map it out.

 Can I renew early to avoid rising interest rates?

Alex: Absolutely. Many lenders allow early renewals, so if rates are climbing, locking in now can offer serious peace of mind. Just make sure to talk with a mortgage advisor before committing, to ensure it fits your long-term plan.

 Is renewal a good time to consider buying or selling a home?

Alex: It’s a great time. Whether you’re upsizing, downsizing, or investing in another property, renewal lets you explore options without penalty. It’s an opportunity to rethink your real estate strategy and make your equity work harder.

 What if I want to refinance or consolidate debt?

Alex: Renewal is the perfect time to do that. Refinancing during renewal can simplify your finances and lower your interest costs—sometimes by thousands per month. It’s one of the smartest moves many homeowners overlook.

 Do I have to re-qualify when renewing?

Alex: Not necessarily. If you’re sticking with your current lender, re-qualification usually isn’t required. But if you’re switching lenders or refinancing, you’ll need to re-qualify—something we can walk you through step-by-step.

Final Thoughts from Shannon and Tamara

If you’re a Kelowna homeowner with a mortgage renewal coming up, don’t just sign and send. Use this moment to review your options and set yourself up for the future—whether that means upgrading your home, starting a renovation, or freeing up monthly cash flow.

Have questions about your home or your next move?

Let’s chat! At Stone Sisters, we work closely with trusted mortgage professionals like Alex McFayden to help you make confident, informed decisions in every stage of your real estate journey.

 Contact us at StoneSisters.com

 Your local experts in Kelowna real estate