Learn about why you might renew or refinance, what you’ll need to consider, and what your options are.
What is mortgage renewal?
Renewing your mortgage loan is fairly straightforward. If your mortgage loan is not fully paid off at the end of your term, and you have been offered a renewal from your lender, then, you and your lender will agree to a new term and interest rate for the remaining amount.
When you renew, things to look over are:
- The type of mortgage loan you have (closed vs open, fixed vs variable interest rate).
- The amount and frequency of your principal and interest payments.
Up for renewal?
Just because you’ve received a renewal offer from your current lender, doesn’t mean you can’t get a better deal elsewhere.
I CAN EVALUATE YOUR MORTGAGE NEEDS AND DETERMINE WHETHER YOUR CURRENT MORTGAGE IS STILL THE BEST FIT. I’LL ALSO SHOP YOUR RENEWAL TO MANY OF CANADA’S LEADING LENDERS TO HELP FIND THE DEAL YOU WANT.