Many first-time homebuyers in Canadian cities and townships use a mortgage to finance their purchase. Almost a majority percentage of these mortgages come with amortization of between 20 and 30 years. But the Canadian Law restricts you to taking loans with a maximum term of 10 years. So in case, your mortgage term expires before you complete your mortgage repayments, it is considered a wise move need to renew that mortgage for at least one more term.
The mortgage renewal system essentially protects both the consumer and the lender. It prevents lenders from agreeing to a fixed interest rate for a couple of decades.
Consumers, on the other hand, get an opportunity to change the terms of their loan if they are not happy with and cannot tolerate for the entire amortization period. If you’re reexamining your monthly mortgage payment to assess whether it is suitable for your financial situation and lifestyle, Mortgage Renewal provides you with a golden opportunity. For instance, you may be earning significantly more than when you first took your mortgage, and are considering making higher payments to pay down the principal sooner. While renewing your mortgage it is important to consider the following:
Our strategic tie-ups enable us to offer a wide range of customized mortgage services at the best rates