Mortgage Renewal means staying with your current lender for another term. You now have the power to renegotiate the terms of your mortgage, including interest rates, payment frequency and length of the next term. Mortgage renewal is the time after a mortgage term before you start the next term in order to payout your mortgage. This is an important part of the mortgage cycle because you get to see if your current terms are optimized for your needs. You may decide to switch to another lender in between terms which is perfectly in your right and is sometimes the best option.
The decision to pay a penalty now or wait until your mortgage renewal date depends on your specific circumstances.
It’s essential to calculate the penalty amount and consider factors such as your financial situation, the purpose of breaking the mortgage, future interest rates, and the time left on your current mortgage term.
Consult with us today and we can help you determine which option is better for you.
We can help you navigate the market and find the best deal that works for you. Our Mortgage professionals only have your best interest in mind and know some of the best ways to optimize your mortgage to work for you.