When your mortgage term is up, it becomes open for renewal. Renewal allows you to negotiate a new term and a new interest rate for your mortgage. Often homeowners make a mistake, they keep their current lender and accept the first offer the lender presents. More often than not, this offer isn’t the best interest rate. Your bank will not automatically offer you the best rate – be sure to shop the market.
Early Mortgage Renewal can be a strategic financial move that allows you to renegotiate your mortgage terms before your current mortgage term reaches its maturity date. Read More
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.
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.