Is your mortgage term up? Are you ready for renewal? Read on to find out how to prepare for your mortgage renewal process.

Is your mortgage term up? Are you ready for renewal? Read on to find out how to prepare for your mortgage renewal process.

Mortgage renewal is a process almost as important as the mortgage process itself. It can help you find better terms, better rates or simply extend your period for a more comfortable experience. But first, what is mortgage renewal?

When your mortgage term comes to an end, you either would have paid off your mortgage or like most, will be looking to renew your terms. In Canada, lenders provide a renewal statement at least three weeks before your due date.

Should you sign the renewal contract your original lender sent?

NO! Well, at least not immediately. Its always good to browse the menu and see what’s out there before you settle on the usual. Studies have shown that many people miss out on good deals because they signed immediately.

What is the correct way to go about the mortgage renewal process?

  •  Assess your financial situation
  •  Decide what you need out of the renewal
  •  Check the penalty costs
  •  Choose your plan

The first step in the process of mortgage renewal is to know where you stand financially. It could help you determine what you really need right now in terms of the Mortgage. Mortgage brokers usually have someone who can do this for you with ease.


Once you have decided what you expect out of the renewal, you need to confirm whether there are going to be penalty costs if you terminate the mortgage with your current lender. Depending on how much you will be incurring or saving, you can decide whether you want to negotiate terms with the current lender or another one.

The next step is to do your market research. Most Canadians prefer going to a broker as they already have their research done and can help you finalize on a plan which is most beneficial. The plan once finalized, needs to be drafted, checked and signed.

The renewal process is simple if you do your market research or have the expert do it for you.

Get the most out of your mortgage renewal with Top Rate Mortgage. Contact us today.


3 Things to Keep in Mind Before Mortgage Renewal Markham and Richmond Hill

Mortgage renewal is a technical term used at a time when you are required to renew your mortgage or when your current term comes to an end. At such a time in Richmond and Markham, you are required to contact your broker or the authorized person you are willing to continue the term with and negotiate the deals of you mortgage. Richmond and Markham brokers feel that clients tend to overlook the fact that this provides them with a great opportunity to align the rates and term according to their needs. Mortgage renewal experts in Richmond and Markham think the following are a few things you can keep in mind:

1. The first isn’t the best!

Mortgage renewal brokers in Richmond and Markham feel that the first rate put forward by the lenders or the bank isn’t always the best rate and there is always room for negotiations. You need to shop around before you settle on one rate, say mortgage renewal brokers in Richmond and Markham.

2. Broker or banker??

Most studies conducted in Richmond and Markham claim that mortgage renewal should be done with a broker as they provide you with better rates. Being a loyal customer to the bank will help you get nowhere. They are still going to be pretty tough with the terms, whereas, a broker will work for you and get you the best rates as he gets quotes from many mortgage renewal lenders in Richmond and Markham

3. Don’t ink before you think!

Mortgage renewal experts in Richmond and Markham advice you to make sure the terms you are agreeing to our suitable for you. They should not be extensive and you should actually be able to make the payments. Don’t sign anything unless you have read through carefully and consulted a lawyer on it.