My mortgage is up for rekindling this year and I’m wondering what I should expect to be doing to get it. I’m in Canada, would rather hear about the process in Canada.
What Is the Process to Renewing a Mortgage?
Refinancing Loan
How to refinance loans
If the mortgage is with a major bank they usually send out a notice within 30 – 60 days of the due date outlining your options and interest rates.
I would suggest that you orchestrate an appointment within 60 days of your rekindling date and explore your options with a loan representative. Sometimes the banks will guarantee your rates within the rekindling notice period; they give you the lower of the existing rate at the time of rekindling or the rate they quoted.
You will have a pre-payment option on rekindling and it is also a excellent time to shop the mortgage around as well to see if another loan institution has either a lower rate or a more flexible plot.
The sooner you look at your options the more time you will have to explore alternatives. I have built up a lot of equity in my house and took out a line-of-credit on that equity to pay off the mortgage. Now I the flexibility as to when I pay and how much; as long as I pay off the monthly interest.