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Mortgage Renewal

What Is A Mortgage Renewal?

Renewing your mortgage means signing a new agreement when your current mortgage term ends, usually every 1 to 5 years. It’s your chance to get a better interest rate, change your payment plan, or pick a new lender to save money or fit your life better. Most Hamilton homeowners and homeowners across Ontario can benefit from expert mortgage advice during their mortgage renewal.

Mortgage Renewals - What To Know

  1. Get a new interest rate that could be lower.
     

  2. Choose a new term, like 1 year or 5 years, to match your financial plan.
     

  3. Switch lenders if another one offers a better deal.
     

  4. Adjust your payments to save money or pay off your mortgage faster.

How a Mortgage Broker Can Help with Your Mortgage Renewal

  1. Find You the Best Deal: Brokers know lots of lenders and can find you the lowest interest rate or the best terms to save you money.
     

  2. Save You Time: Instead of you calling different lenders, a broker does all the work to compare deals for you.
     

  3. Explain Everything Clearly: Not sure what a fixed rate or variable rate means? Your broker explains it in a simple way so you can choose what’s best.
     

  4. Work for You, Not the Lender: Brokers care about what you need, whether it’s lower payments or a shorter loan, and they find options that fit your goals.
     

  5. Handle the Paperwork: Renewing means signing forms, but a broker takes care of them so you don’t have to worry about mistakes or stress.

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Who We Are

Tried and True Mortgages is a mortgage broker team powered by the Empire Mortgage Group Brokerage. Located in Hamilton, Ontario, our team has over a decade of experience in the mortgage lending space and has helped hundreds of Canadians find their perfect home with great mortgage terms. 

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