Mortgage Renewals in Mississauga
At the end of a mortgage term, renewal becomes necessary if there is a remaining balance. You have a number of options when it comes to renewing your mortgage, and eMortgage Solutions is here to show you through them all.
Our team will help you plan your next move well in advance of your mortgage maturity date. We'll help you navigate the world of technical jargon and multiple steps, finding the solutions that best suit your needs.
Reach out to one of our mortgage brokers at (416) 258-0156 to schedule your consultation or read on to learn more about mortgage renewals.
How Do Mortgage Renewals Work?
The mortgage renewal process is quite simple and is completed by countless property owners each day. Canadian mortgages typically have smaller terms, making mortgage renewals a common occurrence.
A mortgage renewal provides homeowners the opportunity to reevaluate their financial situation. Consider interest rates, payment frequencies, and value amounts that make the most sense for your present and future circumstances.
You want options that you can reliably afford, yet ones that pay off your mortgage as quickly as possible. eMortgage Solutions's mortgage broker will gladly show you through the logistics of the mortgage renewal and application processes.
Can You Be Denied a Mortgage Renewal?
While it is possible, it isn't likely. If you choose to stay with the same lender, you will almost certainly be re-approved without qualification, provided you have kept up with your regular mortgage payments.
On the other hand, if you decide to apply for a renewed mortgage with a different lender, you increase your chances of being denied, as with any other mortgage application.
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Do I Have to Choose the Same Lender for My Mortgage Renewal?
You don't necessarily need to stay with the same lender. The majority of property owners do choose to remain with the same lender. However, if you aren't satisfied with your existing terms, conditions, or interest rates, you can explore other options with a new lender. You aren't bound to your existing lender once your mortgage term is complete.
How Early Can I Renew My Mortgage?
Mortgage renewal statements are typically issued 120 days prior to the term's end. We advise that you schedule a consultation as early as 3 months to the maturity date. This way, you can carefully review your options without rushing or stressing.
Is Renewing Your Mortgage the Same as Refinancing?
While a mortgage renewal is done at the end of a mortgage term, property owners can choose to refinance their mortgages at any point.
Refinancing simply means to exchange your present mortgage (terms and conditions) for a new agreement with another lender. Whether you want more affordable regular payments or more competitive interest rates, you can count on us to find you the best product.
Explore Your Options for Mortgage Renewal
eMortgage Solutions can explore all your options with both your existing and alternate lenders. You can count on our years of experience to find the best mortgage possibilities for you.
If it is time to renew your mortgage, simply contact us. We are here to make this process easier.