Renewing Your Mortgage in Canada

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A Complete Guide for Canadians Mortgage Renewal Process

Renewing your mortgage in Canada is easy when you plan ahead. Don't just sign the first offer. Take time to look at your choices. A lower rate or better terms could save you money.

Protect Yourself at Renewal

Start early - about 4 to 6 months before your mortgage ends. This gives you time to look at other offers and avoid stress. Analyze charges, alternatives, and concessions.

Fixed-Rate or Variable-Rate Mortgage

A fixed-rate stays the same. You always pay the same amount. A variable-rate can go up or down. It may save money if rates drop. Pick the one that fits your life.

Get the best terms for your renewal

You can save money by picking the right offer. Don't just say yes to your current lender. Talk to others too. To get the best terms for your renewal, compare rates and fees.

What Banks Won't Tell You About Mortgage Financing

Banks may not give you their lowest rate right away. Brokers can often find better deals. Always ask and compare.

Understanding Payment Frequency

You can pay monthly, every two weeks, or every week. More often means less interest. This can help you save and finish sooner.

Pay Down Your Mortgage Faster

Even a small extra payment helps. Try to pay more when you can. Check your lender’s rules first.