Call brief
Michael Chen
File demo-chen · Generated 2026-10-01, 12:48:39 a.m.
Renewal in 27 days · RBC · payment shock roughly $680.79/mo vs est. bank letter.
No penalty when switching at maturity
30-second summary
- Balance ~$528,000.00 at 2.14% fixed.
- Est. bank letter near 4.64% → $3,102.34/mo.
- Big-bank lender — retention teams often compete hard at renewal.
Prepayment penalty (estimate)
- Estimate only — your lender's disclosure statement governs the actual penalty.
- Posted rate for IRD must come from the lender; we do not fetch live posted rates.
- Switching at maturity: no prepayment penalty on a standard renewal switch.
Timeline & rate hold
- Start renewal outreach (T-180): May 1, 2026
- Plan + rate shop window (T-120): June 30, 2026
- Priority queue — confirm options (T-90): July 30, 2026
- Documents & lender submissions (T-60): August 29, 2026
- Final compare before maturity (T-30): September 28, 2026
- Maturity day: October 28, 2026
- Post-maturity follow-up (+30): November 27, 2026
Risk reasons
- Big-bank lender — retention teams often compete hard at renewal.
- Estimated payment jump over 2% — clients often shop when shock is large.
- Last touch was 6–12 months ago — re-engagement helps.
Likely objections
- "Bank says no fees" → Correct at maturity; question is rate and term, not penalty.
- "Rate looks fine" → Compare options; show estimated payment difference.
- "Too busy" → Offer 15-min call + Renewal Plan link.
Next step to propose
- Confirm bank letter rate/term in writing
- Shop 2–3 options with today's rate sheet
- Send updated Renewal Plan after rate hold
Disclosure checklist (this call)
- Acting as mortgage broker (not lender)
- Remuneration from lender if they switch
- No conflicts identified on this file
- Suitability note due before commitment