Services

Mortgage Renewals

Every mortgage comes up for renewal. To reap the benefits of this opportunity, we can help you find the most favourable rates and terms.

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Your Mortgage Renewal Broker

Is it time to renew your Ottawa home mortgage? Count on our expertise to guide you smoothly through this process, always keeping your needs at the forefront.

Secure the Rate You Want

A mortgage renewal is a great time to find a lower interest rate with a new lender or negotiate a better one with your current lender. This can save you money over the new term of your mortgage.

Expert Guidance

With access to a wide range of lenders, we're well-equipped to find rates and terms that meet your specific needs. We'll present you with the best options and offer our professional advice, empowering you to make an informed decision.

Terms that Suit Your Financial Goals

A mortgage renewal with us is a great time to assess your financial goals. With a set target in mind, we will find terms that suit your situation and make payments more manageable.

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The Mortgage Renewal Process

A mortgage renewal refers to extending or renegotiating the terms of an existing mortgage loan once its initial term reaches maturity. In Canada, most mortgage terms typically range from one to ten years. When the term of your mortgage expires, you have the option to renew the mortgage with the same lender or explore options with different lenders.

During the renewal process, borrowers can review and potentially modify the terms of their mortgage, such as the interest rate, payment schedule, and the length of the new term. It’s a critical period for borrowers to reassess their financial situation, evaluate current market conditions, and make decisions that best suit their needs, whether it’s staying with the same lender or switching to a different one.

Renewing a mortgage allows homeowners to continue paying off their remaining loan balance while securing a new set of terms and conditions for the upcoming term. It’s essential to be proactive during the renewal period, and Jason Anbara will research available options and negotiate with lenders on your behalf to ensure that the renewed mortgage aligns with your circumstances.

Frequently Asked Questions

When a mortgage is renewed, the existing term comes to an end, prompting the need for renegotiation or extension of the loan. We guide clients through this process by first assessing their current financial situation and reviewing the terms of their expiring mortgage. We discuss available options, including renegotiating interest rates, adjusting the term length, or exploring alternative lenders. We also assist in gathering necessary documents, ensuring a smooth transition to the renewed mortgage term that aligns with the client's financial objectives.

The ease of renewing your mortgage largely depends on your individual circumstances and prevailing market conditions. Generally, if a borrower has maintained a good payment history, a stable financial situation, and a decent credit score, obtaining a renewal tends to be straightforward. However, certain factors, such as changes in income, credit issues, or shifts in the real estate market fluctuations, can influence the renewal process.

Renewing a mortgage and refinancing are two distinct processes. Mortgage renewal involves extending or renegotiating the terms of an existing mortgage without significantly altering the loan amount. On the other hand, refinancing involves replacing an existing mortgage with a new one, often under different terms and a new interest rate. It may also involve accessing additional funds against the home's equity. 

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Get Approved Today

If it’s time to get a mortgage renewal on your home, reach out to us! We’re here to answer any and all questions you might have.