Mortgage Renewals

Renewing your mortgage is as important a financial decision as selecting your first one. At The Mortgage Firm, we can help you get the most out of your mortgage renewal. Your home equity grows over a period of time and by decreasing your principal loan balance, you are in a good position to negotiate. However, many people sign their existing Institution’s mortgage renewal form without trying to get a better deal on the new mortgage. This results in a higher rate and a mortgage package that does not cater to your individual needs. As your mortgage professional, I can help you renegotiate your mortgage and get a better deal that suits your needs.

When it comes to mortgage renewal, it's important to consider a few factors before signing your renewal contract. Here are some things to keep in mind:
  • Interest rates: Check the current interest rates being offered by the lender and compare them with rates from other lenders to make sure you are getting the best deal.

  • Fees and penalties: Make sure you understand the fees and penalties associated with renewing your mortgage with your current lender, including any prepayment penalties.

  • Term length: Consider the length of the term being offered by the lender and whether it aligns with your future plans for the property.

  • Payment flexibility: Check if the lender offers payment flexibility, such as the ability to increase or decrease payments or make additional payments without penalty.

  • Customer service: Consider the level of customer service offered by the lender and their reputation in the industry to ensure that you will receive support throughout the renewal process.

  • Yes, at the end of your mortgage term, you will need to renew your mortgage if you haven't paid off the full balance. You can choose to renew with your current lender or shop around for a new mortgage.

  • Yes, you can negotiate your mortgage renewal. It's important to shop around and compare rates and terms from different lenders to find the best deal for you.