Mortgage Renewals in Toronto
If there is an outstanding balance at the end of your mortgage term, a mortgage renewal will be necessary. The brokers at eMortgage Solutions can help you explore your options for renewal.
We look through a wide range of lending options, locating the best and most cost-effective options for you. We’ll then help you with the renewal application, getting you one step closer to your dream of homeownership.
To schedule a mortgage consultation with one of our brokers, contact us today at (416) 258-0156.
How Do Mortgage Renewals Work?
As your mortgage draws to a close and there are still funds left unpaid, your lender will present you with a mortgage renewal statement.
This statement will specify the remaining principal or balance as of the renewal date as well as the interest rate, term, frequency of payments, and any incurring fees or charges. If you can’t pay off your mortgage in full by the end of term, you will have to renew your mortgage.
eMortgage Solutions simplifies this process, making the application process easy and fast. This is an excellent time to assess your financial situation. You can reconsider whether you can pay more frequently and have your home paid off sooner.
Can You Be Denied a Mortgage Renewal?
While you can be denied a renewal, it is highly unlikely. As long as you have kept up with your mortgage payments throughout the term, there is no reason your current lender wouldn’t allow you to renew your mortgage with them. You won’t have to re-qualify in order to be renewed unless you choose to switch lenders. In the case that you decide to go with a new lender, there is a higher chance of your renewal application being denied.
Do I Have to Choose the Same Lender for My Mortgage Renewal?
No. While many property owners choose to keep the same lender, you can shop around and have your mortgage switched to another provider. eMortgage Solutions can help you find the mortgage terms and conditions that best suit your needs.
How Early Can I Renew My Mortgage?
120 days prior to the mortgage maturity date is typically the recommended time to begin the renewal process.
It is always advisable to get an early start, browsing your various options for terms, lenders, and rates. Your broker at eMortgage Solutions would be happy to provide tailored advice.
Is Renewing Your Mortgage the Same as Refinancing?
No. A mortgage renewal is needed at the end of a mortgage term, whereas refinancing can be done at any point during the process.
Mortgage refinancing is swapping out your existing mortgage for a new one. It can be done for many reasons, most commonly having to do with interest rates.
Based on your situation, our brokers can determine which option might be in your best interest.
eMortgage Solutions Mortgage Brokerage Firm Provides the Advice You Need
Schedule a meeting with eMortgage Solutions as your mortgage term reaches its maturity date. We usually recommend planning your mortgage renewal three months in advance of the term’s end. With our help, we will reassess your strategy, needs, and opportunities.
We will help you locate the best options for your future projects and goals.
Contact us today to learn more about our services.
