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Mortgage Renewals - The Lending Line

Renew or Refinance with Lending Line

If your mortgage renewal is fast approaching, then now is a great time to look at the many excellent options and competitive rates available. Lenders send out renewal forms just prior to renewal dates to those with good payment histories, with about 70% of homeowners sending it back without asking any questions! In today’s hectic world, that can be the easiest and best route, but you should ask yourself some questions before you sign on the dotted line. This is an important moment of opportunity. This is where an independent mortgage professional like us can help offer advice and options to help you get ahead!


Getting a Mortgage Renewal

How Lending Line Saves You Money

Maybe your mortgage needs have changed. This is the time to decide. For example, you may want to consolidate high interest debt in with your mortgage or you may want to tap some of your home equity for a renovation project? Or maybe you are considering a cottage or vacation property?

We Contact our Lending Line certified trusted lenders
Take advantage of mortgage features and renew term early
Negotiate with Lender

Renewal vs Refinance

The main difference between a mortgage renewal and a refinance is that you will be borrowing more money with a refinance, and refinance rates are higher than renewal rates.

Mortgage refinancing is when you use your home equity to borrow more money on top of your existing mortgage. This then creates a new mortgage with a higher balance. On the other hand, mortgage renewals are only for the same balance amount. If you want to borrow more money when renewing your mortgage, you will need to refinance your mortgage. Another option to refinancing your mortgage is through a remortgage in Canada.

Mortgage renewals can only be done when your mortgage is near the end of its term, with lenders allowing early renewal periods a few months before. Mortgage refinances can be done at any time, but prepayment penalties will apply if you refinance before your mortgage is up for renewal. Use a mortgage prepayment penalty calculator to see how much it will cost to refinance your mortgage before the end of its term.

What you should know...

Early Renewal Period for the Big Six Banks: