Seventy percent of Canadians don’t shop around when it comes to around to mortgage renewal time. They simply renew their mortgage with their current lender. This means you lose out on a chance to reduce your interest rate and you may be stuck with a mortgage that might not be optimal for your situation.

Renewing your mortgage gives you a chance to start over. Your existing mortgage is discharged and you enter a new one, one with a better interest rate or better lump-sum repayment terms. Here are some tips that can help you when it’s time to renew your mortgage.

Don’t wait – Start to research the mortgage market three or four months in advance of your mortgage renewal date. This gives you time to research the market to make the best decision. If you wait until the bank mails their mortgage renewal notice, you won’t have the time you need to make the best choice.

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