If you own a home and live in Canada, you will need to go through the mortgage renewal process when your mortgage term is up. Mortgage terms are 5 years or less and are known as short term mortgages. This can be a daunting task, but we’re here to help. Here’s everything you need to know about renewing your mortgage in Canada.
Contact The Mortgage Tree Team today https://mortgagetree.ca/contact-mortgage-tree/
The Process
In Canada we have what is known as the Big Five Banks:
- The Bank of Nova Scotia
- Royal Bank (RBC)
- The Bank of Montreal (BMO)
- Canadian Imperial Bank of Commerce (CIBC)
- Toronto-Dominion (TD)
One of these five banks is where most people hold their mortgages. We do also have Credit Unions that are able to offer somewhat competitive mortgage rates but may not be able to offer as low as the banks.
When your mortgage term of say 5 years is due to mature, most banks will send out a renewal notice. This renewal notice will arrive either one or two months before the date of your mortgage expiry. One thing to be aware of, there is a strategy of sorts with how this seems to work. The hope is that people are too busy and have a lack of desire to go through all the paperwork that was done in the initial mortgage application all over again. But if you’re not mindful and proactive you could miss out on a better mortgage rate for the next 5 years. Don’t just do what most people do – and sign up again without question. Click here for our mortgage renewal friendly reminder https://mortgagetree.ca/mortgage-tools/mortgage-renewal-reminder/
Mortgage Renewal Rules
When it comes to renewing your mortgage, there is a process that needs to take place. This part cannot be ignored no matter how busy you may be.
Your mortgage lender will typically offer you a renewal that you may choose to accept, or you can negotiate a better rate, or decline if you have found another mortgage provider that suits your needs better.
This is where our team of experts at Mortgage Tree come in. At Mortgage Tree, we have the experience and expertise to help you find the right mortgage for your needs. We understand that every borrower is different, which is why we offer a variety of products and services to choose from. We will work with you to find the best solution possible. Contact us today to get started! https://mortgagetree.ca/contact-mortgage-tree/
Thank you for taking the time to visit our website and read our blog. We hope we have been able to answer a few questions.
Please contact us we are here to help you!
Sincerely
The Mortgage Tree Team – “Your Key to Home Ownership”
https://mortgagetree.ca/contact-mortgage-tree/mortgage-team/