Mortgage Renewal Process
What it means
Your mortgage loan is renewable at the end of every term if your amortization period has not finished. You can renew your mortgage loan agreement with the same term from your current lender. Or you could revise your mortgage loan agreement with different mortgage options by selecting a new term, a new rate, or a new lender.
When to renew
Get an early start
It’s a good idea to start the renewal process early. You’ll want to take a look at the various offerings from your lender, and re-evaluate your current financial position and goals to determine the kind of mortgage loan is right for your lifestyle.
120 days from maturity
It’s a good idea to write your mortgage renewal date on a calendar, then count back 120 days (4 months) and start your renewal process then. Lenders may let you renew your mortgage loan 120 days before maturity early without you having to pay a prepayment charge. If you’re not ready to sit down with your lender on this day, you can at least start researching your options.
What to do
- Start 120 days before your mortgage loan matures.
- Re-evaluate your financial position and goals.
- Explore rates, terms, and features.
- Choose the mortgage loan that best fits your needs.
Other useful information
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