Call brief
Priya Patel
File demo-patel · Generated 2026-10-01, 12:49:59 a.m.
Renewal in 105 days · BMO · payment shock roughly $525.34/mo vs est. bank letter.
No penalty when switching at maturity
30-second summary
- Balance ~$390,000.00 at 2.49% fixed.
- Est. bank letter near 4.99% → $2,222.04/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): July 18, 2026
- Plan + rate shop window (T-120): September 16, 2026
- Priority queue — confirm options (T-90): October 16, 2026
- Documents & lender submissions (T-60): November 15, 2026
- Final compare before maturity (T-30): December 15, 2026
- Maturity day: January 14, 2027
- Post-maturity follow-up (+30): February 13, 2027
Risk reasons
- Big-bank lender — retention teams often compete hard at renewal.
- Estimated payment jump over 2% — clients often shop when shock is large.
- Recent reply — active conversation reduces leave risk.
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