Mortgage renewal is an important financial decision that requires careful consideration. It is an opportunity to reassess your financial situation, negotiate new terms, and save money on your mortgage. If your mortgage term is coming to an end, it’s essential to understand the mortgage renewal process and your options.
Mortgage renewal is the process of renewing your mortgage for another term once your current term is coming to an end. Most mortgages have multiple terms, with each term lasting between 1 to 5 years. At the end of each term, you will need to renew your mortgage for another term, either with your current lender or with a new lender.This is an opportunity to negotiate new terms, such as the interest rate, the payment schedule, and the length of the term. Understanding how mortgage renewal works is crucial for making informed decisions.
While both mortgage renewal and mortgage refinance involve revisiting the terms of your mortgage, they are not the same thing.
Contact us today to schedule a consultation and discuss your mortgage renewal options in Edmonton.
Use our mortgage renewal calculator to estimate your monthly payments and see how different interest rates and terms can impact your mortgage.
