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416.621.1300 | info@AKALmortgages.com

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What happens when you renew your mortgage? 2018-11-02 14:01:16 Akal Mortgages What happens when you renew your mortgage?

mortgagerefinanceGetting that first mortgage and moving into your very own home can be an exciting time. But before you know it, your mortgage is up for renewal and you receive a notice from your lending institution that it is time to sign on for another term. But before you sign, you’ll want to read what we have to say!

1. Mortgage renewal

When the term of your current mortgage is up but you still owe money on your home, you will have to sign on for another term either with your current lender or a different one. Typically, you will receive a notice from your lender about three weeks prior to your renewal time. The notice will have all sorts of important information including the amount you still own on your home, the interest rate being offered and the terms for renewal.

2. But don’t sign just yet!

Most Canadians don’t shop around and compare rates when they get their mortgage renewal notices, but rather they simply sign what they are offered. Because of this, most lenders are not inclined to offer their best rates.

While negotiating a better deal with your current lender or seeking out a new lender may not sound like your idea of fun, doing so can save you thousands of dollars over the lifetime of your mortgage.

3. Potential mortgage renewal problems

Most Canadians don’t have any difficulties getting a mortgage renewal as long as they have been making their regular payments on time. In some cases however, a lender may decide that they are not going to renew your mortgage. If there has been a large drop in your credit rating for example, the lender could decide that you are too big a risk. If you find yourself in this situation, you should call your mortgage broker right away so that they can connect you with an alternative lender.

4. Don’t forget to call your mortgage broker when it is time to renew

A mortgage broker can be a great resource and partner when mortgage renewal time rolls around. Your broker has access to many different lenders and they will shop around and negotiate on your behalf to help ensure that you get the best rates and terms possible for your renewal.

Is your mortgage up for renewal? Don’t just sign the first offer you get. Call Akal Mortgages today and let us help you get a better offer. Call us at (416)-621-1300.

When we say YES! We stand behind our promise.


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