Once your mortgage term is completed, you’ll need to renew your mortgage. See our step-by-step guide to a mortgage renewal:
1. Review your budget and needs – Take a look at your personal and financial situation and determine if your mortgage needs have changed.
2. Start shopping early – Research mortgage rates in the market around two months before your current term comes to an end.
3. Receive your renewal statement – Review the renewal statement provided by your lender, which should be provided to you 21 days before the end of your term.
4. Apply for mortgages – Contact other lenders who may have lower rates than your current lender and apply to qualify for mortgages.
5. Compare terms and conditions – Choose the lender that offers you terms and conditions that suit your needs, whether that’s your current lender or another one.
6. Make a decision – Decide on whether you want to stay with your current lender or switch lenders. If you’re staying with your current lender, don’t be afraid to use your other offers to negotiate for a discounted rate.
7. Finalize the paperwork – Either sign a renewal agreement with your current lender or complete a mortgage application with a new lender and make the switch.