Mortgage Renewals in Kanata
Looking to renew your mortgage? You can count on the specialized mortgage brokers at Borrowing Made Simple to streamline the process.
We can help you make an informed decision when choosing whether to renew, renegotiate, or switch lenders. We’ll help break down your statement of renewal and show you your options.
To learn more about which mortgage terms you’re eligible for, contact us at (343) 763-2019 today.
How Do Mortgage Renewals Work?
If you have an outstanding balance at the end of your mortgage term, Borrowing Made Simple can help with the renewal process. Countless homeowners will have to complete a mortgage renewal at some point. In Canada, mortgage terms are relatively short on average— ranging from 6 months to 10 years–making renewals common practice.
When you schedule an appointment with us, we’ll explore all your options for mortgage renewals. From your current lender to the leading lenders serving the local area, we can help you get the rates and terms favourable to you.
Can You Be Denied a Mortgage Renewal?
While you can be denied a mortgage renewal, the chances are highly unlikely. If you are in good standing with your existing mortgage lender and have kept up with your payments, you will most likely be accepted for renewal.
Your application can be denied, however, if you choose to apply with a lender different than your existing one.
Do I Have to Choose the Same Lender for My Mortgage Renewal?
Not necessarily. Although the majority of clients renewing their mortgages do choose to stay with the same lender, this isn’t necessary. You can reconsider other lenders and incentives based on lower interest rates and other terms.
If you are considering other options, your broker would be pleased to go over these with you.
How Early Can I Renew My Mortgage?
In the mortgage industry, statements of renewal are generally issued 120 days (four months) prior to the mortgage’s maturity date.
We suggest you schedule a consultation with us at least four months in advance. This way, you can explore all your options without being rushed.
Is Renewing Your Mortgage the Same as Refinancing?
Not exactly. Mortgage renewal is simply starting a new mortgage term when an existing one comes to an end. Mortgage refinancing, on the other hand, means to switch your existing mortgage arrangements for a new setup. This can be done at any point within your mortgage term and with any lender.
We would be happy to answer any of your questions about renewing or refinancing mortgage. Call today to set up an appointment.
Our Mortgage Brokerages Are on Your Side
For mortgage renewal and all of your mortgage needs, the brokers at Borrowing Made Simple can help. From comparing various mortgage options to streamlining the application process, we have the experience and expertise you need.
To schedule a consultation, reach out to one of our representatives today. We look forward to serving you.
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