Mortgage Refinance or Renewal, which one?
Refinancing your mortgage
You might consider refinancing for a number of reasons; however, the most common reasons are:
Renewing your mortgage
When an existing mortgage is about to expire and you’re happy with the current terms and conditions then it is time to renew your mortgage contract (otherwise it is called a refinance). Most Canadian banks will send the mortgage renewal documents and notice in the mail usually a couple of months prior to the term expiring. These documents and notices will include the contract extension terms and interest rates available to you for renewal purposes.
Usually your existing lender will offer your rates slightly less than competitive rates hoping you will simply accept their renewal offer without doing too much research into what the competition is willing to offer.
1065 Canadian Place #116, Mississauga, ON L4W 0C2
647-868-5939
mortgagesagas@gmail.com
Rateshop.ca | ML#: 12733
Rohit Mohan, Mortgage Consultant
License No. M19002527