Mortgage Renewals
When it's time to renew your mortgage, don't just sign the bank's renewal offer—explore your options with TR Mortgages!
Understanding Mortgage Renewal
In Canada, a mortgage agreement locks you into specific terms for a set period, known as the "term," which can range from 6 months to 10 years. Most Canadians choose a 3 to 5-year term. For instance, you might have a 5-year fixed-rate mortgage at 5%. While the mortgage itself may be amortized over 25 years, the term is only 5 years.
At the end of your term, you'll need to renew your mortgage unless you've paid off the entire balance. Since most Canadians require multiple terms to repay their mortgage fully, renewing is a common practice. However, simply signing your renewal offer isn't always the best choice. TR Mortgages can help you navigate the process and secure the most advantageous terms for your next mortgage term.
TR Mortgages' Renewal Alert Service
Let us simplify your renewal process. Our team will proactively review your options as your mortgage renewal date approaches. Just provide us with your renewal date, and we’ll ensure you get the best available rate.
Why Set Up a Mortgage Renewal Alert?
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You're a Homeowner: Stay updated on your best renewal options.
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Concerned About Extra Interest: Avoid overpaying on interest by securing competitive rates.
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Worried About Monthly Payment Increases: Find the best terms to keep your payments affordable.
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Own Rental Properties: Ensure your investments remain profitable post-renewal.
Benefits of Choosing TR Mortgages for Your Renewal
When renewing your mortgage, consulting a mortgage broker can be extremely beneficial. At TR Mortgages, we help you:
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Access the most competitive rates and terms.
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Minimize unnecessary interest costs.
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Develop a renewal strategy that aligns with your financial goals.
Contact TR Mortgages today to learn more about optimizing your mortgage renewal process!
780.340.1482