Renew or Refinace?

Renew, refinance, equity take out?

If your mortgage term is almost up for renewal, there’s a good chance you’ll be pleasantly surprised with the low interest rates available on the market today. While the pandemic has caused a lot of economic uncertainty, the result has been very low interest rates. In fact, the Government of Canada has indicated that rates will most likely stay low until 2023.

This may also be a great time to consolidate some high interest debt into your mortgage as well. Many things to consider before you sign any renewal letter you receive from your lender.

If your mortgage is up for renewal in the next 6 months, here’s what you should do. Start now. Yes, right now. Getting ahead of your renewal is one of the most important things you can do. This will ensure that you don’t get busy, forget about the deadline, and have to make a rush decision. Or worse yet, your mortgage will renew into a product you didn’t choose for yourself. You’ll want to weigh your options and make the best choice for you. Let's talk. Our Mortgage broker will give you the most suitable solution.