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Thinking about mortgage renewal? When the time comes to renew your mortgage, it’s best to be ready with an understanding of the renewal process. Our mortgage renewal tips and information can help you prepare and weigh your options.
You can renew your TD Mortgage without a prepayment charge starting 120 days (4 months) before maturity. You’ll have a chance to take advantage of competitive interest rates and agree to a new term. Learn how to renew, which can be done easily. Or, depending on your needs, you may wish to consider refinancing instead.
- Decide on a fixed or variable interest rate. Would you prefer a fixed rate mortgage to lock in an interest rate for the term you choose? Knowing the difference between a fixed vs variable interest rate is key as renewal is a chance to make changes.
- Choose a term open or closed to prepayment. Looking for flexibility to make prepayments without charges? Renewal is a chance to look at whether an open or closed mortgage is the right choice for you.
- Make changes to your payments. Increasing the frequency of your payments or the amount can save you interest over the long run, helping you reach your financial goals sooner.
- Look at your financial goals. Are you thinking of a home reno or consolidating other debts with higher interest rates? Then you may want to consider refinancing to a mortgage or a TD Home Equity FlexLine (HELOC).
- The earlier you renew, the better. Renewing as soon as 120 days before your mortgage loan matures means less worrying about future interest rate fluctuations, earlier interest savings if the new rate is lower than your existing rate and no prepayment charges.
Your home financing needs and goals may very well change over the life of your TD Mortgage. Perhaps you’d like to apply for a TD Home Equity FlexLine to access the equity in your home for a renovation or to consolidate debt. Or you’re looking for advice on renewing vs. refinancing. Whatever questions you may have, we’re here and ready to help find the right home financing fit for you.
Have a question and ready to talk? Contact us.