A surprising number of Canadians don’t take advantage of the opportunity they have when their mortgage comes up for renewal. This is the one time you can switch lenders without penalty. It is an excellent time to renegotiate your mortgage with lenders, whether you demand eliminating of prepayment penalties or get a better interest rate. Yet the majority of Canadian mortgage holders simply renew the mortgage with their current lender. This inertia literally costs them thousands of dollars over the life of the loan. Talk to a mortgage broker to learn how much money you could save every month. Our mortgage agency can help you shop around for the best rates and loan terms.
If your mortgage renewal is fast approaching then you need to know your options. There is no obligation to simply accept what your bank or lender offers. This is the time to consider various available options and competitive rates. If you act smartly, we can help you take advantage of early renewal. When your mortgage term comes to an end, you have the option to completely pay off your mortgage or renew it. At this time, we can help you review your financial situation and figure out whether you need a new term or another type of mortgage. If your financial circumstances have changed, you can either shorten your term to repay your mortgage faster or extend it to lower your monthly payment.