If you are considering a mortgage renewal, we can help you plan for your renewed mortgage months in advance.
We offer our clients dependable expertise, unmatched mortgage rates, and informative client service. Our brokers will find you the best options for your mortgage needs.
To schedule a consultation, contact us today at (416) 258-0156.
Is It Possible to Extend My Mortgage Term?
When your present mortgage term has reached its full maturity date, and there is an outstanding balance, it is necessary to opt for a mortgage renewal.
A mortgage renewal is an ideal time to assess your needs and wants. To make the best possible decision, we recommend you get in contact with us to help consider your renewal options.
Explore the multitude of options. Get started today.
How Early Can I Renew My Mortgage?
Your lender must provide you with a mortgage renewal statement at least 21 days prior to the end of your current term. However, most financial institutions and lenders will allow you to renew your terms with them anytime in the final 120 days of your current mortgage.
How Do Mortgage Renewals Work?
Renewing a mortgage is simple when working with our brokers. Our advisors break the renewal process down to three easy steps:
1. Evaluate Finances and Future Goals
- Home renovation plans
- Change in financial situation (tuition, starting a family, wedding, etc.)
2. Weigh Mortgage Options
- Preferred rate (fixed, variable, or adjustable)
- Amortization period
- Payment frequency
3. Final Decision
- Choosing a mortgage rate and term
With our mortgage brokers shopping a vast range of lenders, you are sure to find an affordable plan tailored to your needs.
How Do You Prepare a Mortgage Renewal Application?
Our brokers will explore all your options, including those with your current lender. We work with your best interests at heart, helping you to prepare your mortgage renewal application in a timely and accurate manner.
We’ll shop through a wide range of lenders to locate the plans and rates that best suit your needs. Mortgage renewal is an important decision, allow our experts to assist you.
Can You Be Denied a Mortgage Renewal?
Your current lender can choose to not renew the mortgage with you if they believe you have stacked up debt, will not be able to afford repayments, or if your employment status has changed for the worse.
If you have decided to renew your mortgage with a new lender, the chances of being denied are much higher, simply because you are required to submit a new mortgage application. A new mortgage application must meet the new lender’s criteria, such as financial status, the balance of your current mortgage, income, credit score, employment history, mortgage payment history, debts or loans, etc.
Is Renewing Your Mortgage the Same as Refinancing?
As your mortgage approaches maturity, there are two existing actions you can take.
This option allows you to pay off your current mortgage with new terms. You are eligible to switch your payment frequency as well as your principal and interest payment amount.
When refinancing a mortgage, you are essentially replacing your old one with a new one. Through refinancing, you can access your home’s equity to consolidate debts, repairs, renovations, or investments.
Talk to a broker today about your mortgage opportunities.
Secure Your Financial Future with the Mortgage Specialists
Streamline the mortgage renewal process. Our skilled professionals will recommend the best course of action for your mortgage. Explore all your options and maximize your chances for renewal by working with us.
Contact us today to learn more or to set up a consultation. Let’s get started.