Do you want to extend your mortgage? Would you like to negotiate new terms? Mortgage renewal is the perfect opportunity.
What’s a mortgage renewal?
When your mortgage agreement matures, you can pay it off in full or decide to renew it (as is or with new terms). This is called a mortgage renewal.
What’s the difference between a mortgage renewal and mortgage refinancing?
On one hand, a mortgage renewal involves extending an existing mortgage by setting a new term and possibly modifying its conditions.
On the other hand, mortgage refinancing involves taking out a new mortgage by combining several credits into a single monthly payment through the mortgage of a property.
How do I renew a mortgage?
When you receive your mortgage renewal notice from your lender, you can renew your contract without modifying it or negotiate adjustments:
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- Increase the amount or frequency of your mortgage payments
- Change the duration of your loan
- Modify the interest rate (fixed / variable)
- Make additional prepayments
When you renew your mortgage, you can also transfer your mortgage to another institution.
Finally, the maturity of a mortgage agreement is also an opportunity to refinance a mortgage.
What Multi-Prêts Hypothèques can do for you
By analyzing your situation and your specific needs, your Multi-Prêts Hypothèques broker can make you the best possible offer to save you money on your mortgage renewal, whether or not you opt for refinancing.