What is a mortgage renewal?

If you need to have more information about what a renewal is then keep reading!

Find the best way to get to your new home with me! My name is JC Sehmbi and I am here to help you whenever you will need a mortgage or loan in Canada (GTA).

When you first signed your mortgage, you agreed to extend your loan terms after certain period of time. When your mortgage renewal is due, you have two options: one is to renegotiate the terms and rates in your mortgage agreement and the other option is just to let the same terms renew automatically even if you can qualify for better mortgage options.

If your renewal date arrives and mortgage rates have dropped, you have the possibility to get lower rates which equals to lower payments. If your income and credit are better than before, it also gives you more chances to get new better mortgage options.

When you renew a mortgage, it does not have to be with the same lender, you can use a totally different lender. Mortgage agents can negotiate with your current lender and get you a better deal with them before taking you with another lender.

Your lender will give you a 2 to 3 weeks notice before your mortgage is up for renewal but you should not wait until then to talk to an expert. Remember we work for your benefit only. When you just let your mortgage automatically renew, you can be missing really good deals and money as well.

Contact us for more information.