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By law, your mortgage lender must send you a statement of renewal no later than 21 days before the end of your mortgage term. On this document you will see all the information about your existing contract. Your lender will also send you a mortgage renewal agreement proposing the new conditions for your loan. Before you sign this new loan agreement, we suggest you contact The Mortgage Processing Centre.ca to find out whether that offer suits your current needs.
You have a number of options when it comes to renewing your mortgage. You can make it as straightforward as an administrative formality, whereby the numbers are simply recalculated based on the rates in force at the time of renewal, or you can choose a more complex option, such as refinancing, which allows you to increase the amount you’ve borrowed and/or the amortization period, as well as giving you the option to free up some funds.
No matter what options you’re considering, contact The Mortgage Processing Centre.ca and one of our mortgage brokers will guide you through the steps of your renewal and explain it all in detail. That way, you can make an informed decision based on your situation and what you plan to do. What’s more, your mortgage broker will negotiate with lenders on your behalf, giving you peace of mind to focus on what you care about the most.