Mortgage Fit

It’s time for another Mortgage 101! 🏡

A mortgage renewal happens when your current mortgage term comes to an end and you still have a balance owing on your mortgage.

Before your renewal date, you’ll have the opportunity to review things like your interest rate, term length, payment frequency, and other mortgage features.

And remember, you don’t necessarily have to renew with your current lender. Renewal can be a good opportunity to look at what’s available and make sure your mortgage still fits your needs and plans.

Have a renewal coming up? It’s worth reviewing your options before signing your renewal offer!

When choosing a mortgage, the interest rate gets a lot of attention, but the features that come with your mortgage can matter too 🏡

Here are 3 worth knowing about:

Prepayment privileges: Give you the option to put extra money toward your mortgage without a penalty, within your lender’s limits.

Portability: May allow you to take your existing mortgage with you when you move to a new home, subject to lender approval and conditions.

Payment flexibility: Some mortgages give you options to increase your regular payments or make additional payments, helping you pay down your mortgage faster.

The right features might not seem important today, but they can give you more flexibility when your plans change down the road.

Have questions about what features are included in your mortgage? We’re happy to help!