RENEWAL

A renewal typically happens on the maturity date of your existing mortgage term. The term is the specific amount of time you are under contract with your current lender. The mortgage term can range from a few months to 10 years, You’ll most likely require multiple terms to repay your mortgage in full.  At the end of your mortgage term, so long as you still owe a balance, you will need to renew your mortgage for another term. With each mortgage renewal comes the opportunity to assess your current mortgage and compare it to any new financial goals you may have.

You should start considering your renewal options a few months before your current term ends. Your current mortgage provider will send you a renewal: If your lender is a federally regulated institution, like a bank, you should receive a renewal notice at least 21 days before the end of your current mortgage term is set to expire. You can renew with your current lender for another term or choose a new lender whose conditions better suit your needs.

Note that, in some cases, your mortgage contract may renew automatically if you don’t renegotiate or change providers before your current term ends. 

I will help you understand the role your home plays in your overall long term and short-term goals and provide you with sound financing options to match those goals.