If you are are approaching your mortgage maturity, now is a great time to start the renewal process. It is never too early to take the proactive approach and as a mortgage broker I will assess your needs and ensure the mortgage is working for you and not the lender.
Not all mortgages are the same, check out some of the various options available.
Up For Renewal?
In Canada, a mortgage contract contains all the conditions that you follow while you have your mortgage. You are bound to this contract for the TERM of your mortgage, which in Canada is typically five years.
Falling mortgage rates over the course of 2019 have reduced the rate increase shock for those renewing a mortgage. While those renewing a mortgage this year are still locking in at a rate higher than their previous rate, that increase is quickly declining, according to data from the Bank of Canada. “The average household renewing […]