What Happens When Your Mortgage Comes Up for Renewal?
A mortgage renewal is an opportunity to review your next term rather than treating the lender’s offer as an automatic decision.
What a mortgage renewal means
When a mortgage term ends, the remaining balance still has to be financed unless the mortgage is paid out. A renewal continues that financing for a new term.
Review the offer, not just the rate
The rate matters, but so do term length, payment frequency, prepayment privileges, portability and your plans during the next term.
Give yourself time
Reviewing the situation before maturity gives you time to understand the existing lender’s offer and compare other possibilities, subject to qualification.
When renewal becomes refinancing
If you want to increase the mortgage amount or materially change the financing structure, the transaction may be treated as a refinance rather than a straightforward renewal.
Ready to take the next step?
Conixi can connect you with a licensed mortgage professional to review your situation.
