If your mortgage is up for renewal in 2025, you’re not alone—and you’re likely feeling the pressure. With higher interest rates and rising living costs, many homeowners in Kelowna and across the Okanagan are wondering how to manage increasing monthly payments. At Rampone-Marsh Mortgages, we’re here to guide you through this financial transition with smart strategies designed to ease payment stress.
1. Reassess Your Financial Picture
Start by reviewing your budget and identifying where you can reduce non-essential spending. Understanding your current income, expenses, and debt load will give you a clearer picture of what you can afford when your mortgage comes up for renewal.
2. Consider an Early Renewal
Don’t wait until your mortgage term ends. With expert advice, you may be able to renew early and lock in a competitive rate before potential increases come along in 2025. As trusted Kelowna mortgage brokers, Aaron Marsh and Lenny Rampone will help you evaluate the best timing based on market trends.
3. Explore Extended Amortization
To help lower your monthly payments, you might consider extending your amortization period. This doesn’t reduce the amount you owe but spreads it out over a longer term, providing monthly relief.
4. Work with a Mortgage Broker With Market Experience
Rather than accepting your current lender’s renewal offer, we encourage you to shop around and talk to our team. As brokers, it’s our bread and butter to compare what multiple lenders can offer and find you a mortgage solution personalized to your needs. Even a slightly lower rate can mean big savings over time!
Local Expertise. Trusted Advice.
At Rampone-Marsh, we understand the Okanagan real estate landscape and have been working with clients across Kelowna, West Kelowna, and throughout the Okanagan for over 20 years. We’re committed to helping you make informed, stress-free mortgage decisions.
Let’s Navigate Your 2025 Renewal – Together
At Rampone – Marsh Mortgages, we are proud of our reputation and our expertise. Whether you are facing payment shock or simply want to explore better mortgage options, we are here to help you make confident, informed decisions. Contact us today to schedule your consultation with confidence!
