Your current bank will send you a renewal statement at least 21 days prior to its expiration date. The loan does not have to be renewed with the same lender and you may wish to transfer the loan to another lender with terms that are more suitable for your situation.
The financial situation of most people has changed since the time they signed their previous contract. It might be time to change the mortgage term now.
Changes in your financial situation may require you to make changes to your mortgage, such as going from a fixed to a variable rate, opening or closing the mortgage, changing the mortgage term, increasing your monthly payments, increasing the amount of the mortgage, or finding other programs.
Before you re-sign with your mortgage lender, let’s explore your mortgage options and determine whether you qualify for a better rate and term.
When it is the time to renew your mortgage, you have the opportunity to renegotiate the rate and the terms and conditions with the same lender or switch to a different lender that provides you with a lower rate.
When you renew or switch your mortgage, the mortgage amount and amortization period cannot change. If you wnat to change the mortgage amount or amoritzation you need to refinance your mortgage.
We offer mortgage products from several lenders and hold rates for 120 days prior to closing. A good time to start thinking about your next mortgage move and exploring your renewal options is three to four months before your mortgage is up for renewal.
Call us 416-900-1425 to find the best option to get Mortgage Renewals.