At the end of your existing mortgage term, your lender will look at renewing your mortgage for a longer period of time. This is perfect time to consider available options with a new lender. Perhaps you wish to refinance to a larger balance, consolidate debt or renovate. Your mortgage broker will provide you with financial advice and consider your personal situation.
Mortgage Renewals FAQs
Have questions about renewing you mortgage? Read our FAQs below to learn more or simply complete the contact form and set up an appointment with John Antle. Your Kelowna Mortgage Broker.
When should I contact my mortgage broker if I have a mortgage renewal date approaching?
It is recommended that you contact your mortgage broker 90-120 days ahead of your renewal date. Your mortgage broker will provide you with options and advice on interest rates, terms that best suit your needs, and also provide you with a long-term rate hold. This is advantageous as if rates adjust upon your renewal date you could potentially be given a better rate because of this rate hold.
What personal goals should I consider when I renew my mortgage?
Many things can occur during the course of your mortgage. Perhaps you are considering a move in future, have expectations of upcoming education costs for your children, changes in income or retirement. These are all considerations when you renew your mortgage. Perhaps it is the perfect time to consider a mortgage refinance. If you are considering a move its best to not renew for a longer term; perhaps a shorter 1- or 2-year term is best for you.
Is there a way to pay off a large amount on my renewal date?
Yes, your renewal date is a great time to pay down your mortgage, as your lender will not charge you a prepayment penalty amount at this time. You are free to pay down any amount you wish.
What about payment amounts? Is this an option to adjust on renewal date also?
Yes, when your mortgage renewal date occurs, this is a great time to consider your payment options. Perhaps you wish to increase your payment amount to pay off your mortgage faster or change frequency from monthly to bi-weekly.
If my mortgage is renewing, is this a good time to look at changing lenders?
Yes, when you are renewing, it is a great time to look at interest rates an option of lenders. You may be offered a better interest rate and terms with a new lender. Remember if you wish to change lenders, your mortgage broker will submit an application for approval.
Can my mortgage renewal be denied?
There could be a situation where your mortgage renewal is denied by your lender. If you have made your payments on time and as agreed, there is no reason to believe that your renewal would be declined. If there have been late payments made, your lender could decline to renew your mortgage.
What can I do if my mortgage renewal is denied?
Contact your mortgage broker who will provide you with advice, and will submit a new application to a different lender. There are options available in Canada for people with unfavorable credit history.
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Our team is devoted to helping you achieve your long term goals. Enjoy options and possibilities that you may not have considered when sticking with traditional banking products. If your goals include paying down your mortgage faster or looking for a rental income to make some headway on your amortization we are happy to discuss all of your options. Your Kelowna Mortgage Broker is able to help you with your first mortgage or renegotiating the terms on an existing property. Call John Antle Mortgages in Kelowna today and let’s get started!
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