If the term of your mortgage loan is ending and you haven’t paid off your mortgage loan in full, you’ll be looking to renew.
You may be able to reset everything: the term, principal and interest payment amount and frequency – and start fresh. This makes a mortgage renewal a great time to take a look at your overall financial position, note any changes and make adjustments accordingly.
Chances are a lot has happened in your life since you got your mortgage loan. Maybe your income has changed or perhaps your family has grown. This is a great time to talk to our experts about ways to reduce your monthly principal and interest payment, lower your cost of borrowing, or pay your mortgage loan off sooner.
At the Mortgage Architects we will leverage our relationship with over 100+ Lenders to ensure you get the best deal on renewal.
When to renew:
120 days from maturity
It’s a good idea to write your mortgage renewal date on a calendar, then count back 120 days (4 months) and start your renewal process then. Lenders may let you renew your mortgage loan 120 days before maturity early without you having to pay a prepayment charge.
Contact our experts at least 120 days before your mortgage loan matures.
Re-evaluate your financial position and goals.
Explore rates, terms and features between various lenders.
Choose the mortgage loan that best fits your needs