Mortgage Renewal

A mortgage renewal occurs when a homeowner swaps an existing mortgage for one with better terms.

The first advantage of a mortgage renewal is that homeowners can secure a lower interest rate. Many people have realized this potential by switching their variable rate mortgage to a fixed rate mortgage in light of the recent increase in interest rate. This can save a homeowner thousands over the term of their mortgage.

A renewal also increases flexibility of the overall mortgage, giving you the opportunity to create terms that suit your needs best. For instance, if you are faced with financial distress you may want to lengthen your mortgage term or consolidate existing debts.

A mortgage renewal will give you peace of mind and assist you in fulfilling your current wants and needs!

Mark your current mortgage term's maturity date on the calendar, then count back 120 days (~4 months) and mark that too; this is the date most lenders will let you start the early mortgage renewal process, meaning you could renew early with your current lender without having to pay a prepayment penalty.