What you Must Know when Renewing or Refinancing your Mortgage
Posted by Terry Paranych on
As a mortgage borrower in Canada, you’ll inevitably be faced with the decision to either renew or refinance when your mortgage term expires. For this reason, it’s important to understand the difference between the two so you can choose which will best suit your needs and goals.
Here’s what you need to know:
Mortgage Renewal
A mortgage renewal occurs when your current term expires, yet you still have money owing on your loan. In this scenario, you’ll opt to stay with your existing lender for another term (typically under the same conditions as the one previous), at an interest rate reflective of the current market.
Keep in mind, when your mortgage is up for renewal, you don’t have to stick with your current lender. You may opt to shop…
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