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- Evaluate your current situation and the interest rates, and make an appointment with your banker around 150 days before your mortgage matures. This gives you plenty of time to consider your options, and lock in the mortgage term that works for you.
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Nov 2, 2023 · When you’re 120 days away from your mortgage renewal date, it’s the perfect time to start looking into mortgage renewal options. That is four months to get everything in order. Why not wait a bit longer? If you’re like most Canadians, rates are stressing you out.
Jun 24, 2023 · Early mortgage renewal involves renewing your mortgage with your existing lender before the term ends. You can normally renew your mortgage up to 120 days before your term ends without penalties, but it can be longer. The process of renewing your mortgage early is straightforward.
What to consider before you renew your mortgage, steps you need to take to renew your mortgage and what happens if you decide to switch lenders.
The mortgage lender that you are currently with will reach out to you and make an offer on a fixed and/or variable mortgage. I'd probably reach out to them first depending on when your renewal is so that you can sign paperwork sooner then later with rates anticipated to go up.
- Start preparing 120 days before your mortgage matures. Most mortgages come with a prepayment penalty if you try to renew early, but there’s a general rule among lenders that they’ll let you renew 4 months prior to the actual end of the term.
- Assess your personal finances and circumstances. Depending on how long your original mortgage term was, your life could have changed significantly since you first signed the papers.
- Update your personal and financial goals. Now that you have a better idea of your financial standing, it’s time to take a look at how your personal and financial goals may have changed since you first negotiated your mortgage.
- Know your options. Before you renew your mortgage, you’ll have to know what kind of mortgage product you want, and the options to play with that can change your monthly payments and how soon you can be mortgage-free.
Start the renewal process early: Many lenders will allow you to renew your mortgage up to 120 days before the end of your term. Shop around and know your options: Comparing the market or working with a pro like a mortgage broker can help you find the best mortgage rate.
Feb 20, 2024 · Evaluate your current situation and the interest rates, and make an appointment with your banker around 150 days before your mortgage matures. This gives you plenty of time to consider your options, and lock in the mortgage term that works for you.
