Renewing your mortgage? Doing your homework could save you thousands of dollars

Refinancing your mortgage has become a lot more complicated and expensive, but experts say there are things you can do to save yourself some pain.

A surge in mortgage renewals, rising interest rates and new stress testing rules will are conspiring to make refinancing your mortgage more complicated and more expensive.

Mortgage broker Kelly Wilson, co-owner of the Wilson Team mortgage brokerage in Ottawa, says a majority of Canadians renew with their same lender, but it’s still important to check out your options.

“If you can save yourself 30, 40, 50 basis points, it’s going to save you thousands of dollars over the next five-year term,” Wilson says.

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