Mortgage renewals are normal, and after a set amount of years, the term on your mortgage expires. We offer a wide range of mortgage renewal options for homeowners to consider at rates that will match, or do better, than the banks.
You will be able to renegotiate the interest rate on the basis of current market conditions at the time of your mortgage renewal. It is possible that the bank or financial institution you currently have will give you a renewal. While many Canadians simply renew without exploring additional options, this is your opportunity to explore your choices and analyze what the market has to offer. Over 60% of Canadians are estimated to renew their mortgage with the same lender without even seeing if they can receive a better interest rate from another lender.