Mortgage Renewal

When your current mortgage term reaches its maturity date, you'll need to renew the outstanding balance for another term. This is a process you'll likely do a number of times until you pay off your mortgage in full.

Your mortgage renewal is one of the most important timeframes within your mortgage lifecycle. Unfortunately, there are many Canadians who cruise on auto-pilot through this very important process.

Remember, at Maturity, all of your options are on the table, and this is the time to negotiate the best deal for your next mortgage term.

When your mortgage is getting close to maturity, your existing lender will always offer you a renewal provided you have made all of your payments on time. This usually begins with a piece of mail that you receive anywhere from 4-6 months prior to your maturity date. It is important that you DO NOT SIGN the original offer that your lender makes, as the rates can be as much as 1% higher than what you could be offered if you spend a little bit of time doing your homework.

At this time, we do recommend engaging a mortgage professional to review the options that may be available as well as ensuring that the mortgage product that was originally arranged for you still remains the right fit. Some of the questions that you should be asking yourself are:

  1. Do I plan to live in this home for the next 5 years?
  2. Is there any personal debt that I would like to consolidate?
  3. Would I like to tackle any home renovations?
  4. Will I possibly require access to my home equity over the next 5 years?
  5. Have I been using my pre-payment privileges?
  6. Is my amortization still aligned with my cashflow and retirement goals?

Once you know what you are looking for in a mortgage product, your mortgage professional can then review all of the options on the market for you. They should be able to provide you with a list of lenders that are not only offering great rates, but also fit your needs based on how you answered the questions above. Then finally, provide you with a cost comparison analysis to show you the math behind whether or not a move makes financial sense.

If you have your mortgage coming up for renewal and would like the assistance of a Pilot Professional to assist guiding you through the process.

Please feel free to reach out to us!

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