If you have an outstanding balance of your mortgage at the end of your mortgage term, then you will need to renew it for new term. The most popular term is of for five years, but it could vary per an individual’s situation.
More details on mortgage renewal?
As the end of five-year term approaches, your existing financial institute will provide you renewal documents with a new rate and terms & conditions for the next “renewal term”. At that time, you would have an option to keep your mortgage with your existing lender or move your mortgage with a new financial institute for a better new rate and terms & conditions. If you want to switch with another lender for better options, then you must start thinking about that decision 120 days prior to the end of your existing mortgage term or as soon as your existing lender provides you the “mortgage documents” for next renewal term.
Since we are an independent mortgage broker and deal with banks, monoline lenders, credit unions and alternative lenders across Canada, we will ensure to find the best suitable new mortgage for your needs and goals. The new low-rate mortgage would improve your cash flow. For a free no obligation consultation, call us.