Mortgage renewals are available if you are not ready to pay off your mortgage at the end of a mortgage term.
Your mortgage lender should notify you 60 days prior to the end of the term date, but it’s important to keep track of the term for your mortgage to know if you will indeed need to renew your mortgage.
You can stay with an existing lender if the lender agrees, or shop around for a new lender that will meet your needs. It is also important to consider the length of the renewal, and the possibility of paying off more of your mortgage per month to lessen interest fees and pay off your mortgage sooner.
You can also shop around for lenders who offer mortgage renewals with smaller interest rates and reduced monthly payments, if this will fit your budget. Juno Mortgage can help you shop around for mortgage renewals which will help you achieve your current and future financial goals.
You may switch to another lender but be aware of setup fees which may include discharge, registration, transfer and/or assignment fees from your current lender. You may also need to get you property re-appraised to switch to a new lender. Some mortgage lenders will help you pay for these additional costs. You may also have to pay a new mortgage loan insurance premium when you switch to a new lender.
If you already have mortgage loan insurance on your existing mortgage, you can ask your existing lender for a certificate number to help you transfer your insurance to the new lender. If your mortgage is registered with collateral charge, you may have to pay fees or meet certain criteria to remove the collateral charge from your existing mortgage before switching lenders. Juno Mortgage can help with the renewal process.
