When a mortgage is first taken out, a specific term (e.g. 5 years) is selected. The term is usually different than the amortization period of the mortgage.

The amortization period is the length of time it would take to pay the mortgage out in full (e.g. 25 years).

When the term is over (matures), the mortgage needs to be renewed.

The homeowner may choose to renew with the same lender, or transfer it to a different lender.  Many people simply sign the renewal agreement they receive from their current lender without much thought.

Renegotiating a mortgage at renewal time is just as important as it was when the mortgage was first placed.  We recommend homeowners investigate all their mortgage options before signing any renewal agreement and we are more than happy to help them do this.

Lenders usually send out renewal agreements months before maturity.  Homeowners should not wait until then. Contact us a few months before the maturity date and we can arrange a rate guarantee to protect you from rising interest rates, potentially saving you great sums of money.

If you mortgage needs to be renewed, don't wait to contact us!


Mortgage Guide in PDF

Applying for a Mortgage
Mortgage Glossary
First-Time Buyers
Down Payments
Credit Scores
Mortgage Insurance
Self Employed
Credit Problems