Top 5 Strategies for a Successful Mortgage Renewal Period
Welcome to our comprehensive guide to the mortgage renewal process in Ontario! As the term of your new mortgage approaches, it’s important to have a solid plan to ensure you make the most financially sound decisions. In this blog post, we’ll explore the top five ways to help you successfully renew your mortgage and get the best terms for your situation. What is a Mortgage Renewal? Before we delve into the processes, let’s define what mortgage renewal, specifically in Ontario, entails. A mortgage renewal occurs when your current mortgage term expires, typically after five years. During this period, you can engage with your existing lender to modify aspects such as payment amounts and schedules. Alternatively, you can opt to switch to a different lender. In the interim, it’s crucial to comprehend the terms outlined in your current mortgage agreement, especially in the context of Ontario regulations. Reviewing your mortgage agreement allows you to identify potential penalties or fee...