Well, it finally happened. You reached the end of your term and your mortgage is up for renewal. What does that mean exactly? If this is your first time, a renewal means that you have paid the lender back for the length of the term of your mortgage (e.g. 3-years, 5-years). This does not mean that you have come to the end of the amortization (e.g. 25-years). This is the amount of time it takes to completely pay off your property.
Every few years you get the option to change lenders, renew with the same lender for a new term, or pay off your mortgage without penalty.
Many people just sign the renewal notice from their bank. This is not always the best option. Rarely do they offer you their best rate; they just assume that you will automatically renew.
Before you sign those papers, call us! We will undoubtedly be able to get you a better deal. That's our job! Don't pay too much or too long.
It will only take a few minutes to tell you if we can do better. That's worth a phone call isn't it?
780-474-7900.