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27 Jul

Q: My mortgage is up for renewal within the next 6 months, what can I expect during the renewal process?

Mortgage Tips

Posted by: Monica Young

A: Some big banks will send you a renewal letter within three months of your term, encouraging you to sign at the current posted rate to rollover your mortgage. It is important to work on your renewal as soon as possible so that your mortgage does not go past maturity. Once pass maturity, your mortgage will automatically go into an open mortgage which is at a much higher interest rate. I recommend that you speak to me to ensure you are exploring all of your options when it comes to your next mortgage term.