How A Mortgage Renewal Work In Canada
How To Negotiate A Mortgage Renewal
Renewing a mortgage is an opportunity to get better terms and conditions, and the best interest rate. Borrowers should compare different mortgage sources to ensure they are getting the best deal. Factors to consider at renewal time include interest rate, terms, and amortization period. It's important to work with a professional to avoid restarting the amortization period and paying more interest. There are no broker fees to renew or switch a mortgage, and lenders may pay legal fees and appraisal costs through a switch program. The switch/transfer application process can be completed over the phone or electronically, with approvals available within 24-48 hours.