Mississauga Mortgage Agent
If you are nearing the end of your current mortgage term and are 4 months or less away from your renewal date, you should have already started exploring your renewal options with your current lender and also shop around with other lenders. A mortgage renewal is performed when your mortgage term is done, and you still have a remaining balance to pay off. If you don’t renew or pay off your mortgage in full, the lender has the right to automatically renew your mortgage into a higher rate open term or could even lock you into a one-year closed term. This has happened before! What many homeowners do not realize is that they do not have to stay with the same lender. In fact, in many instances homeowners can find a better rate and term if they shop around with different lenders using a Right Mortgage Broker.