Mortgage Renewal

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Mortgage Renewal

Market conditions are highly volatile, and mortgage interest rates can vary among private lenders, credit unions, and large financial institutions. Mortgage contracts are crucial for determining your outstanding balance over time. When you secure a mortgage with a lender, the contract is effective for a specific duration, known as the mortgage term, which can range from a few months to five years or longer.

Typically, financial institutions advise clients to begin negotiating their mortgage renewals at least 150 days before the renewal date. This timeframe allows clients to negotiate interest rates, amortization periods, and other terms and conditions effectively. The renewal process can be challenging, especially when switching financial institutions. However, changing banks not only opens up new opportunities but also provides a fair chance to negotiate better interest rates. Our team has an impressive success rate with mortgage renewals—speak with our expert to learn more.

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Frequently Asked Questions

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