Mortgage Renewals

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If it’s time to renew your mortgage, or your mortgage is coming up for renewal soon, then you’ll want to make sure you’re going to get the best interest rate possible, to save you thousands of dollars now and in the long run.

Renewing your mortgage doesn’t have to be a difficult or stressful thing!

What is a mortgage renewal? 

A mortgage renewal is when your current mortgage term has come to an end, and if your mortgage isn’t already paid off, you need to renew your mortgage. 

You have the option to either renew with your current lender (bank or other type of lender) or transfer it to a new lender if the new lender can give you a better rate, terms and conditions.

What are the advantages to renewing a mortgage and getting the best rate?

A mortgage renewal allows you to reassess your financial situation and make changes to your mortgage contract if needed.

By renewing a mortgage, you may be able to negotiate new terms and conditions, including the interest rate and the length of the new term.

You can also decide if you want a fixed rate mortgage (the rate remains the same over a period of time) or variable rate mortgage (the rate can go up or down over a period of time). 

Thus, renewing your mortgage can be a good opportunity to save thousands of dollars if interest rates are lower, or down.

It is important for you to thoroughly review your options and consider your long-term goals before making a decision on mortgage renewal, to ensure you are getting the best mortgage terms for your needs. 

We’re here to help guide you through this process and find the best rates possible.

Are there disadvantages to renewing my mortgage?

Although you don’t have a choice whether to renew your mortgage, if you still have a balance, timing can make a big difference.

If interest rates are lower at your renewal time, your monthly payment will be lower and you will pay less interest over your new term.

If interest rates are higher now since first getting your mortgage, or since your existing mortgage was renewed, this could result in a higher mortgage payment. 

How soon should I renew my mortgage?

We recommend starting your mortgage renewal process 4 – 5 months ahead of your mortgage term end date. 

This is to your advantage, because if interest rates are going up, we may be able to lock you in at a lower rate for 120 days, saving you thousands of dollars.

Reviewing your mortgage early also allows for plenty of time to explore all the options and find the best fixed or variable rate out there. 

Should I renew my mortgage long before my mortgage term is up?

Early renewal can have its pros and cons too.

The pros

Renewing earlier could allow you to take advantage of lower interest rates and potentially save you money in the long run. It can give you the opportunity to negotiate better terms with your lender or a different lender.

The cons

Keep in mind, there may be some costs involved in renewing earlier, such as prepayment penalties or administrative fees.

Also, if interest rates are currently higher than what you’re currently paying, renewing early might not be the right move. 

If you’re confident that renewing early will be beneficial for you in the long term, then it’s a good option to consider it. 

If you’re uncertain, we’d love to chat with you to help guide you in making the right decision as it’s best not to make any big decisions without fully assessing the impact it could have on your finances. 

Can a mortgage broker help me renew my mortgage? 

Absolutely! Here are just some of the ways we can make a huge difference in your renewal process:

Custom mortgage options just for you

A mortgage broker has access to a wide range of lenders and mortgage products and is able to shop around for you, which means we can potentially find a better mortgage than your current lender is offering. 

We will help you find the best deal and best interest rate that suits your specific needs and financial situation. 

Save you time

We can save you time and effort by doing all the research and paperwork on your behalf, simplifying the mortgage application process. 

Expert mortgage advice

Mortgage agents have extensive knowledge of the mortgage market and can provide expert advice tailored to your circumstances. 

We can help you understand the different mortgage options available for mortgage renewals, including interest rates and repayment plans, ensuring that you make the right informed decision. 

We can also help you understand challenging terminology and concepts like fixed rate mortgages, variable rate mortgages, stress tests, amortization, prepayment, rate increase, how bank of Canada rate hikes will affect your current and new mortgage, and more.

Your trusted mortgage agent advocate

Unlike banks or other financial institutions, a mortgage broker can negotiate with many different types of lenders on your behalf, potentially securing a better mortgage deal, and save you thousands of dollars in interest with more favourable terms and conditions. 

Ultimately, a mortgage broker can provide peace of mind and increase your chances of finding the best mortgage option for your needs, and help you potentially pay off your mortgage sooner.

If it’s time to renew your mortgage then you know it’s important to make sure you’re getting the lowest possible interest rates to save thousands.

Is it time to renew your mortgage?

Renewing your mortgage doesn’t have to be a difficult or stressful thing. If your mortgage is coming up for renewal or set to renew in the next few months, we’d love to speak with you to find the best mortgage rate that’s out there through our extensive list of lenders – including the banks. 

If your finances have changed since your last mortgage renewal, we can work to find creative solutions that banks and other financial institutions don’t have the time or desire to find for you. There’s almost always a solution when your mortgage agent is looking hard enough for you!

Here are some of the biggest questions we help home owners like you with, every day!

What is a mortgage renewal? 

A mortgage renewal is a process that occurs at the end of a current mortgage term when the borrower (you!) has the option to either renew your current mortgage with your lender (bank or other type of lender) or transfer it to new lender.

When a mortgage term expires, you must either pay off the remaining balance in full or enter into a new agreement with your mortgage lender or another lender.

What are the advantages to renewing a mortgage and getting the best rate?

A mortgage renewal allows you to reassess your financial situation and make changes to your mortgage contract if needed.

By renewing a mortgage, the you can negotiate new terms and conditions, including the interest rate and the length of the new term, as well as deciding if the mortgage should be a fixed rate mortgage or variable rate mortgage. This can be a good opportunity to save thousands of dollars if interest rates are lower.

It is important for you to thoroughly review your options and consider your long-term goals before making a decision on mortgage renewal to ensure you are getting the best mortgage terms for their individual needs. We can help you do this!

Are there any disadvantages to renewing my mortgage?

Although you don’t have a choice whether to renew your mortgage, timing can make a big difference.

It’s best to renew when interest rates are lower in order to save money in the long run. If higher interest rates are in affect since first getting your mortgage, or since your existing mortgage was renewed, this could result in a higher mortgage payment. 

How soon should I renew my mortgage?

We recommend starting your mortgage renewal process 4 -5 months ahead of your mortgage term end date because we’re able to lock in rates for 120 days. This means if rates are going up, we can lock you in to a lower interest rate that might not be available in 4 months, saving you thousands of dollars in the long run.

Reviewing your mortgage early also allows for plenty of time to explore all the options and find the best fixed or variable rate out there. 

Should I renew my mortgage long before my mortgage term is up?

Early renewal can have its pros and cons too.

Renewing earlier could allow you to take advantage of lower interest rates and potentially save you money in the long run. It can give you the opportunity to negotiate better terms with your lender. Keep in mind, there may be some costs involved in renewing earlier, such as prepayment penalties or administrative fees.

If interest rates are currently higher than what you’re currently paying, renewing early might not be the right move. 

If you’re confident that renewing early will be beneficial for you in the long term, then it’s good to consider it. But if you’re uncertain, we’d love to chat with you to help guide you in making the right decision. It’s best not to make any big decisions without fully assessing the impact it could have on your finances. 

How can a mortgage broker help me renew my mortgage? 

Absolutely! Here are just some of those ways:

Custom mortgage options just for you

A Mortgage broker like us has access to a wide range of lenders and mortgage products and is able to shop around for you, which means we can potentially find a better mortgage than your current lender is offering. We will help you find the best deal and best interest rate that suits your specific needs and financial situation. 

Saves you time

We can save you time and effort by doing all the research and paperwork on your behalf, simplifying the mortgage application process. Feeling less stress already?

Expert mortgage advice

Mortgage agents often have extensive knowledge of the mortgage market and can provide expert advice tailored to your circumstances. We can help you understand the different mortgage options available for mortgage renewals, including interest rates and repayment plans, ensuring that you make an informed decision. 

We can also help you understand challenging terminology and concepts like fixed rate mortgages, variable rate mortgages, stress tests, amortization, prepayment, rate increase, how bank of Canada rate hikes will affect your current and new mortgage, and more.

Your trusted mortgage agent advocate

Unlike banks or other financial institutions, a mortgage broker can negotiate with many different types lenders on your behalf, potentially securing a better mortgage deal to help you save thousands of dollars in interest with more favourable terms and conditions. 

Ultimately, a mortgage broker can provide peace of mind and increase your chances of finding the best mortgage option for your needs, and help you potentially pay off your mortgage sooner.