Glossary · Financing
What is Mortgage renewal?
Mortgage renewal is when your mortgage term ends and you negotiate a new term for the remaining balance.
Definition
Most mortgages have a term shorter than their amortization, so when the term ends you renew the remaining balance at a new rate. Renewal is a key chance to shop around, negotiate, or switch lenders.
Many homeowners simply sign the renewal their lender offers, but comparing options can save money. Watch your renewal date so you have time to explore.
When mortgage renewal matters
- Negotiating a better rate at term's end
- Switching lenders to save money
- Planning ahead for renewal
With Homeprint
How Homeprint helps with mortgage renewal
Homeprint stores your mortgage term and renewal date, so you're prepared to negotiate the best deal.
- Keep every related document in one secure place
- Track your home's value and finances over time
- Stay connected with trusted neighbourhood experts
Mortgage renewal — FAQ
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