Mortgage Renewal


Once your mortgage term has expired you are in control of your mortgage. This is your opportunity to have a mortgage agent shop your mortgage renewal to potentially 25 or more lenders interested in your business. Mortgage Financial Corporation does the work on your behalf guaranteeing your rate up to 120 days in advance potentially adding to your savings.

When the term for your mortgage is almost up, it’s helpful to have a broker to guide you. Few homeowners realize that they have a great deal of choice when it comes to renewal, including their lender and the terms of their mortgage. Now is the time for you to get even better terms than you started your mortgage with, and we can help. The team at Mortgage Financial Corporation has the expertise to guide you through the mortgage renewal process and help you secure the best financing for your unique situation. Each family and every mortgage is different, but we excel at picking the right mortgage product for you. Discover more about how mortgage renewals work, when you should start thinking about your options, and why you should choose us at Mortgage Financial Corporation below.

Mortgage Renewal Hamilton

What Is A Mortgage Renewal?

When you agreed to your original mortgage, it had a term. Essentially, your mortgage is only in effect for a certain period of time, typically five years. This gives you the opportunity to renegotiate your mortgage and hopefully land better terms. You’ll also be choosing a new term, at the end of which point you’ll be doing this process again.

The mortgage term also has a direct effect on your interest rates. Lenders have historically given lower interest rates to shorter terms. The more quickly you need to renew your mortgage, the more advantageous the agreement is for lenders, which is why they offer lower rates. There is always the possibility that your low rate isn’t available when it is time to renew. Or the terms may have changed. We can help you to navigate these factors and come out with a mortgage that truly works for your situation.

Isn’t That A Mortgage Refinance?

No, mortgage renewal is not the same thing as a mortgage refinance. You can do things like consolidate your debt, change your payment frequency, change your interest rate, and alter other elements of your mortgage in both refinancing and renewal.

However, renewal is scheduled and must happen at the end of your mortgage term, whereas you can apply for refinancing at any time. When you refinance, you must get a different mortgage product—you cannot just continue with your current mortgage when you refinance.

Happy Family First Time Home Buyers

Why Choose A Mortgage Broker?

A mortgage broker plays an especially important role when it comes to mortgage renewals. Many homeowners believe that they have to remain with their current lender when they renew—and that’s not true! We can be the third party that helps you assess your other options. Mortgage brokers have access to lenders that the general public may not be aware of. Rates or terms from other lenders may be more advantageous for you. Or it may be that your current lender really can offer you the best deal. We can help you renew your mortgage to your advantage.

There are other ways a mortgage broker can support you while you renew your mortgage. We can help you:

  • Understand the market: You likely purchased your home or renewed your mortgage within the last five years, so you may feel you have a sense of the market. However, a lot can change in five years. We can help you figure out where things stand now and what will likely happen over the short term.
  • Understand the math: Sometimes your options are deceptive. It’s only when you dig into the long-term math that you find out which option will actually be best for you financially. The long run matters and we can help you see it.
  • Understand costs: There are different costs associated with mortgage renewal and especially when changing lenders which you might not know about. We are here to walk you through these fees and alert you to them before you make your decision. Things like registration and transfer fees, appraisal fees, and administration fees are all good to know about beforehand.

Why Work With Mortgage Financial Corporation?

Mortgage Financial Corporation has the experienced, thoughtful team that you need to help you make the best mortgage renewal decisions. There are many reasons to work with us, even if we’re not involved with your original mortgage, including:

  • We have over thirty years of experience in the mortgage business
  • We are integrity-driven, and our honesty earns us many repeat clients
  • We care about the individual needs of each client and offer custom support
  • We are conveniently located in several different offices
  • We care about our customer service and have well-trained, professional staff

Renew Your Mortgage Early Without Penalty

You know that it is time to renew your mortgage if the lender has sent you a notice of renewal. They must do this at least 21 days before your mortgage is set to renew. While you can wait this long to start considering your renewal options, we don’t recommend it. Instead, it is wise to start working with a broker up to six months in advance. This is especially true as interest rates may rise in the future. Many mortgage lenders allow you to renew your mortgage early without penalty, even up to four months in advance. By taking advantage of this you may be able to secure better rates than if you were to renew at the last minute.

Can you renew early without penalty? Is it likely to be in your best financial interest to do so? The experts at Mortgage Financial Corporation can advise you. Reach out to us with all of your concerns and questions about mortgage renewals.


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Mortgage Financial Corporation serves clients across HAMILTON, ANCASTER, DUNDAS, BURLINGTON, STONEY CREEK, WATERDOWN, GRIMSBY, and the surrounding areas.