Early Renewals Mortgage
In Canada
With an Early Renewals Mortgage in Canada, you can renew your mortgage before the term ends, often securing a better interest rate and avoiding potential market fluctuations. At Diverse Mortgage Group, we specialize in helping homeowners take advantage of Early Renewals Mortgage Services in Canada.
What Is An Early Renewals Mortgage?
An Early Renewals Mortgage allows homeowners to renew their existing mortgage before the official renewal date. This can be an excellent strategy to:
- Secure a lower mortgage rate before the potential market increases.
- Avoid penalties that come with refinancing or breaking a mortgage.
- Lock in better terms that suit your financial goals.
- Simplify your mortgage process by renewing early with your current lender.
If interest rates are trending upward, early renewal could save you thousands over the life of your mortgage!
Benefits Of Early Renewals Mortgage Services In Canada
Get the Lowest Early Renewals Mortgage Rates
If mortgage rates are lower than your current rate, renewing early helps lock in savings before rates increase. You won’t have to wait until your renewal date to take advantage of better terms.
Avoid Higher Interest Rates
With market fluctuations, waiting until the end of your term could mean paying a higher rate. Early renewal lets you stay ahead of the curve.
No Need for a Full Mortgage Requalification
Unlike refinancing, an early renewal with your current lender does not require a full requalification—saving you time and paperwork.
Flexible Terms & Options
You can adjust your mortgage length and payment structure or even switch to a different type of mortgage while renewing early.
How Does An Early Renewals Mortgage Work?
Wondering how to start the early renewal process?
Here’s a step-by-step guide:
Step 1: Check Your Mortgage Renewal Eligibility
Step 2: Compare Mortgage Rates & Offers
Step 3: Review Your Terms & Conditions
Step 4: Finalize Your Mortgage Renewal
Should You Renew Early Or Wait?
Deciding whether to renew your mortgage early depends on market conditions, your financial goals, and your current mortgage agreement.
Renew Early If:
- Interest rates are expected to rise, and you want to lock in a lower rate.
- You’re happy with your current lender and don’t want the hassle of refinancing.
- You don’t want to go through full requalification with a new lender.
Wait Until Your Renewal Date If:
- Interest rates are dropping, and you might get a better deal later.
- You’re considering switching lenders for a better mortgage product.
- You need to refinance your mortgage for additional funds or home equity access.
Not sure what’s best for you? Our mortgage specialists at Diverse Mortgage Group can analyze your situation and guide you toward the best financial decision.
What Our Clients Say
Lock In Your Early Renewal Today!
Don’t wait until your mortgage renewal date—take advantage of today’s lower rates and renew early. Our experts at Diverse Mortgage Group are here to help you secure the best mortgage terms and lowest rates in Canada.
Call Us Today! Let’s get you the best early renewal deal possible.
FAQ
Frequently Asked Questions (FAQs)
Will I Have to Pay a Penalty for Renewing Early?
Most lenders allow early renewals within 4 to 6 months of your mortgage term’s expiry without penalties. However, if you renew even earlier, there may be fees. Our experts can help you determine the best timing for renewal.
Can I Switch Lenders When Renewing Early?
Yes! While early renewals are typically done with your current lender, you can still switch lenders if you find a better mortgage rate. Our team can help compare mortgage offers to ensure you get the best deal.
How Much Can I Save by Renewing Early?
Your savings depend on interest rate changes. If rates rise before your official renewal date, locking in early could save you thousands in interest over time.
Can I Change My Mortgage Type During Early Renewal?
Yes! Early renewal is a great time to switch from a variable rate to a fixed rate or adjust your loan terms based on your financial situation.
What Happens If I Do Nothing When My Mortgage is Up for Renewal?
If you don’t renew, your lender might automatically renew your mortgage at a higher rate. It’s always best to plan ahead and secure a competitive mortgage rate before your term expires.
