What is mortgage renewal?
Renewing your mortgage loan is fairly straightforward. If your mortgage loan is not fully paid off at the end of your term, and you have been offered a renewal from your lender, then, you and your lender will agree to a new term and interest rate for the remaining amount.
When you renew, things to look over are:
- The type of mortgage loan you have (closed vs open, fixed vs variable interest rate).
- The amount and frequency of your principal and interest payments.
Up for renewal?
If the term of your mortgage loan is ending – or ending soon – and you haven’t paid off your mortgage loan in full, you’ll be looking to renew. You may be able to reset everything: the term, principal and interest payment amount and frequency – and start fresh. This makes a mortgage renewal a great time to take a look at your overall financial position, note any changes and make adjustments accordingly.
Chances are a lot has happened in your life since you got your mortgage loan. Maybe your income has changed or perhaps your family has grown. This is a great time to talk to a TD Mortgage Specialist about ways to reduce your monthly principal and interest payment, lower your cost of borrowing, or pay your mortgage loan off sooner.
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