It’s essential to understand the mortgage renewal process before you sign anything—one small mistake could cost you thousands of dollars.
Typically, 3-6 months before your mortgage term ends, your lender will send you a renewal notice, either by mail or email. The notice will prompt you to choose a new term by selecting an option. Once you sign it and return it, your new payments will be based on the updated rate they provide.
Many home owners do not know that they are not locked into renewing with the same lender. You have the freedom to shop around and move your mortgage to a lender who offers better rates and terms that align with your needs. Many lenders offer higher rates on their client's mortgage renewals, hoping that you’ll just stay with them out of convenience.
To make sure you’re getting the best deal, a quick conversation with a mortgage broker can make a world of difference. A knowledgeable broker will consider your current situation and future goals, helping you navigate your renewal with confidence.
Switching lenders could be the right choice, especially if you want to benefit from lower rates without changing any other aspect of your mortgage. The new lender covers all the costs of switching to them, provided you’re not altering the mortgage amount or amortization.
The good news is, you don't have to do this alone. I have access to a wide variety of lenders, including banks, credit unions, mortgage companies, and private lenders. My job is to shop around for you and find the best product for your needs. A few minutes of your time could save you thousands!
Reach out to me today, and let's make your mortgage renewal smooth and stress-free!
Care@tmcweconnect.ca
Whether you are first-time buyer or an experienced buyer with excellent credit, The Mortgage Centre has access to the very best products and rates available across Canada. Give us a call… we think you’ll be pleasantly surprised!
Learn MoreThrough training and certification, we have a good understanding of available products, features, and rates. We are here to keep your mortgage moving forward with our Mortgage Market technology, we have electronic access to various major lenders in Canada, so you’re not tied to one lender or one type of mortgage.
Learn MoreWe understand that mortgages can be confusing and intimidating. To help demystify the process, The Mortgage Centre provides a glossary and a variety of free calculators to assist you in researching, and planning your mortgage.
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