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Mortgage Renewal

When it is time to renew your mortgage, your existing lender will offer you moderate discounts. In most cases, you would sign a letter that was received by mail and be done with it. This may sound easy and painless, but you may have lost thousands of dollars by doing this over the new term of your mortgage. Your Mortgage Needs can help you find the right option that prevents more money from leaving your pocket.


At Your Mortgage Needs, we’re here to make your mortgage renewal stress-free. Our dedicated team will keep a close eye on your options as your renewal date approaches, ensuring you’re always in the best position to secure the most competitive rate.

Consider setting up a mortgage renewal reminder if:

  1. You have a mortgage and want peace of mind.
  2. You’re concerned about paying more interest when it’s time to renew.
  3. You’re worried about your monthly payments going up at renewal.
  4. You own rental properties and want to make sure they continue to cash flow when your mortgage renews.


Mortgages Coming Up for Renewal

Renewal time is a perfect opportunity to reassess your mortgage and potentially save money.

Common Questions About Mortgage Renewals

Common Questions About Mortgage Renewals

  1. What happens when my mortgage term ends?
  • At the end of your term, your lender will offer a renewal, usually with new rates and terms. You can accept their offer or explore other options.
  1. How do I negotiate a better rate with my existing lender?
  • Research current rates and let your lender know you’re shopping around. They often offer better rates to retain your business.
  1. Can I switch to a new lender at renewal time?
  • Yes, you can move your mortgage to another lender. There are no penalties at renewal, but you may need to cover appraisal or legal fees.
  1. How far in advance should I start the renewal process?
  • Start at least 120 days before your renewal date to secure the best rate and allow time to explore your options.
  1. What should I consider when renewing my mortgage?
  • Think about your financial goals, such as paying down your mortgage faster or reducing monthly payments, and choose terms that align with these objectives.



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