Renewing your mortgage

Learn how you can pay off your mortgage faster.

Renewing Your Mortgage

Learn how you can pay off your mortgage faster.

At the end of your mortgage term?

2-3 min

In Canada, most mortgages have a fixed term, typically ranging from 1 to 10 years. At the end of the term, the mortgage will come up for renewal. This means that the borrower will need to either pay off the remaining balance of the mortgage, refinance the mortgage to a new loan, or renew the mortgage with the same lender. Here are a few reasons why it may be beneficial to renew your mortgage terms:

  1. To secure a lower interest rate: If interest rates have fallen since you took out your mortgage, renewing your mortgage may allow you to secure a lower interest rate and potentially save money on interest over the life of the loan. 

  2. To change the terms of your mortgage: If you are unhappy with the terms of your current mortgage, such as the type of loan or the length of the term, renewing your mortgage may allow you to change these terms and potentially secure a better deal. 

  3. To access additional cash: If you have built up a significant amount of equity in your home, you may be able to access some of this equity through a cash-out refinance when you renew your mortgage. This can provide you with additional cash that can be used to pay off debts, make home improvements, or for other expenses. 

  4. To avoid a penalty: Some mortgages have a penalty for paying off the loan early or refinancing before the end of the term. Renewing your mortgage with the same lender may allow you to avoid this penalty.

Did you get your renewal letter in the mail? 📬

Generally, it is a good idea to start shopping for a new mortgage between two and four months before your current mortgage term expires. Many lenders send out your mortgage renewal letter very close to the time that your term expires and this does not give you ample time to arrange for a mortgage term through a different lender. This means that you need to be tracking your own mortgage term timeframe and know when it is time to start shopping for a good mortgage renewal rate.

Your mortgage is one of your biggest expenses. As such, it is imperative that we find you the best interest rate and mortgage terms that we possibly can. By shopping around your mortgage renewal date, The Mortgage Professionals can help you find the best solution that is tailored to your specific situation and needs.  Don’t be one of the 60% who just simply sign their renewal letter and send it back. Use our services to negotiate the best mortgage product at the best rate available. Unlike banks, we work for you. We always strive to offer you the best product at the lowest rate possible.

Get the mortgage help you need, right here.

Get the mortgage help you need, right here.

Nikki Hawke
Nikki Hawke
2022-05-31
Darcy is so personable, reliable and always puts his client’s needs and profile at the heart of the work. He goes the distance and is a master negotiator. Sam is a pleasure to work with too. I’ve funded two mortgages with this team and I’m won’t work with anyone else.
Rebecca Andreola
Rebecca Andreola
2022-05-16
Cannot say enough good things about The Mortgage Professionals. We were so happy we had the chance to work with Darcy as our Mortgage Broker. As first time home buyers, we were immediately put at ease by Darcy and Samantha, and knew that we were in good hands. They worked hard for us and we were very pleased with the services. Highly recommend them for anyone needing a confident team working on your behalf that will put you first.
Alexander Hamilton
Alexander Hamilton
2022-04-08
I reached out to Darcy because I was having problems with the mortgage broker I was dealing with. It took no time for Darcy to get the ball rolling on the Mortgage refinance we needed help with. In the span it took him to be introduced to me, to applying and funding the mortgage the individual who I dealt with before has never responded. Darcy and his team are the best around!
Wendy Wallach
Wendy Wallach
2022-03-25
Darcy and Samantha are very helpful and would respond to my questions very quickly (even after what I would think would be office hours). They never made me feel stupid when I would ask my sometimes repetitive questions. They worked hard at getting me the best rate for my mortgage. My friends are always amazed at the rate they can get me. They are also very friendly and express thanks when I reply quickly. Thank you , Darcy and Samantha
Genevieve Deacon
Genevieve Deacon
2022-02-07
Would recommend to family and friends, no hesitation. Darcy and his team are always available for questions and concerns, and they made the entire process unbelievably smooth.
Jeremy Farnsworth
Jeremy Farnsworth
2022-02-04
This is my fourth mortgage with Darcy. He has always been very professional and helpful finding us the best mortgage product and rate.
Duncan Miller
Duncan Miller
2021-11-03
Darcy and his team did an excellent job arranging financing on our first home purchase! They were responsive and they got the job done right in a tight time frame. Would highly recommend them especially in today's competitive markets.
Karly Cook
Karly Cook
2021-10-22
We had an absolutely seamless experience with Darcy and Samantha. Their responsiveness and clarity made it so easy to work with them. Everything was taken care of us from start to finish!