Time to renew your mortgage?
Take into account your current economic position
Contacting us four months before the end of your term can help you take advantage of more advantageous rates. It’s free to start your transaction with us.
Let us help you find a mortgage solution geared to your financial needs. We will analyze your financial situation and review the most important elements, such as mortgage term and accelerated repayment options.
It is important to review your available options closely before accepting your mortgage renewal. Understanding your lender’s perspective of your application as well as knowing which key elements are considered is essential before you agree to the renewal terms. Increasing your awareness of the mortgage process will better allow you to comprehend our brokers’ suggestions, thus easing the mortgage renewal process on the whole.
Points to consider about mortgage renewal :
- Which option is better? A short term (i.e. six months) or longer term mortgage?
- Should you consider a fixed or variable rate interest?
- How high is your risk tolerance?
- Are there any projects to prioritize? Your overall plan can be incorporated into your renewal.
The benefits to a straight renewal
The lowest rate you are given is guaranteed for a period of up to 120 days regardless of terms.
This period will allow you enough time to analyze the available products on the market so that you can make the best decision.
It will also allow you the necessary time to complete the paperwork needed to make your request on time.
Options for renewal
A mortgage renewal can either be a straight-forward administrative process, where all the numbers are adapted to the interest rates in effect at the time of the transaction, or a more complex procedure like refinancing, which allows you to borrow more money and/or change the amortization period. Various options are available to help you fulfill your projects without detriment to your financial or personal well-being.
Now is the time to review your short term projects and decide their practicality before you commit to your renewal. Assess your future spending. Careful consideration must be taken of all important elements before you refinance your mortgage, such as changing its term and increasing your loan and/or the amortization period.
Whatever your personal needs, whether you have specific renovation goals, simply want to redecorate, consolidate your debts, or perhaps even travel, there is a mortgage solution that suits your needs. Terry Kilakos and his team of mortgage brokers can help you choose the best options for your renewal.