When your mortgage renews, there are multiple options you can choose from:
1. Keep your mortgage with current lender 2. Get a lower rate at another lender 3. Refinance without penalties and get access to more equity 4. Get a re-advanceable mortgage 5. Get a line of credit
The key is to look at your options 3 to 6 months before your renewal date. You do not want to do a last minute renewal with your current bank without considering all of your options.
Over a 5 year period, your mortgage decreased and your property most likely increased in value.
This opens up a gap that gives you significant options.
If you are a client, I already have you on my watch for renewals. So don't worry about it, you will expect contact 3 to 6 months before your renewal date.
If I do not have your mortgage renewal date, message me and I will put you into our renewal watch system.
