Mortgage Renewals

What to do when it is time to renew your mortgage.

How to Renew Your Mortgage?

When it’s time to renew your mortgage, you don’t have to re-sign with your current lender. You can refinance your mortgage to lower your interest rate, reduce your monthly payment, or withdraw funds to cover other expenses.

  • Eligible borrowers can potentially save thousands.
  • Better terms can help account for recent lifestyle changes.
  • Gain access to equity you’ve earned over time.

What is a Mortgage Renewal?

When your mortgage term expires, your lender will re-negotiate the terms of your mortgage based on current market trends.

This typically happens every 5 years but depends on the term length of your mortgage.

You also have the opportunity to change the length of your mortgage and if you want a fixed or variable rate.

What to consider at Mortgage Renewal time?

Your circumstances in life may have changed in the past 5 years. Before you renew and lock in for another long term, consider a few things:

  • How much longer do I want to own this current house?
  • Do I need some extra cash for renovations or other needs?
  • My income has increased, should I try and pay off my mortgage faster?

When can I start the Mortgage Renewal process?

Starting your mortgage renewal process early is to your benefit, this will give your mortgage broker time to compare options with multiple lenders to make sure you get the best rates and terms.

Typically, the refinancing process and paperwork can begin anytime within 6 months of your renewal date.

Why The Mortgage Firm?

We are happy to have helped hundreds of families in the London Area over the past 25 years with their mortgages and property financing needs.

Jay Rahn

Google Review

“This is my second time dealing with them and they are fantastic! Dani Hanna and his team make you feel like it’s the easiest thing you’ve ever done and communication throughout the process is quick and easy.

All around great company and would highly recommend!”

Jessa Patino-Pizarro

Facebook Review

“Just a few weeks ago, we were lost, confused and desperate. Buyers of our home refused to close. Our situation is rare. I googled mortgage brokers in London and luckily I found RMA. In just few minutes, I got a call back and explain our situation. Thank you for saving our dream home. We were able to close on our purchase and thank you so much for helping us! Thank you as well to Brandon and Ken! All the best and luck to your team!!!”

Heather OLeary

Google Review

“I am so happy that we found Dani at RMA! He is knowledgeable, honest and friendly! He offers excellent advice and goes above and beyond to provide you with outstanding, professional service! I highly recommend Dani at RMA!!!”

Benefit from Renegotiating your Mortgage

Whether you are looking to reduce your interest rate or gain access to funds quickly, refinancing your mortgage can be a game-changer. At renewal time, you have the opportunity to refinance without facing a penalty.

  • Lower interest rate
  • Selling your home
  • Reduced monthly payment
  • Recover from bankruptcy
  • Big purchases (car, boat, second house, vacation, etc.)
  • Home renovations
  • Pay taxes
  • Education & tuition fees
  • Invest in retirement
  • Consolidate non-mortgage debt

Lets Chat Mortgage Renewals

Is your mortgage up for renewal soon? Let’s talk about your refinancing options and goals. Get in touch with us today for your free, no-obligation quote.