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Why Your Mortgage Payment May Increase at Renewal
Many Canadian homeowners are surprised when they receive a mortgage renewal offer and see a higher payment than expected. Your mortgage payment can increase at renewal for several reasons. The most common reason is a higher interest rate, but it is not the only factor. Your remaining balance, amortization period, payment frequency, and renewal choices … Read more
What Happens When Your Mortgage Comes Up for Renewal in Canada?
When you get a mortgage in Canada, your mortgage contract is usually set for a specific term. At the end of that term, if you have not paid off the mortgage in full, you will usually need to renew it. Mortgage renewal is an important financial checkpoint. It gives you a chance to review your … Read more
How to Calculate Your Mortgage Renewal Payment in Canada
When your mortgage term is coming to an end, your lender may offer you a new interest rate for the next term. This is called a mortgage renewal. For many Canadian homeowners, renewal is the moment when the monthly payment may change. If your previous mortgage rate was low and your new renewal rate is … Read more