The process of renegotiating your mortgage terms when your current term expires. In Canada, mortgage terms are typically 1 to 5 years, after which you renew at current market rates. At renewal, you can stay with your current lender, switch lenders, or change your mortgage type (fixed to variable or vice versa) without breaking your mortgage.
Why It Matters
Renewal is your chance to shop around and potentially get a better rate -- your existing lender's first offer is rarely their best. Don't just sign the renewal letter that arrives in the mail. Compare rates, negotiate, and consider whether your current mortgage type still suits your situation.
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