Mortgage Renewal and Options
Renewing your mortgage can be very straight forward especially if you just stick with your existing lender. If you are not adding on any extra money or a Secured/Home line of credit to your mortgage (this is a refinances) a straightforward renewal involves signing your renewal papers and that is it.
The downside however or challenge with renewing with your existing lender is that they do not always offer you their best terms. You are there client already so why bother? Switching your mortgage to a New Lender on a renewal requires a bit more paperwork, typically an update of income, credit and signing new loan papers however there are no appraisal or legal costs involved so very straight forward. For an extra 45 minutes work you could save yourself thousands of dollars by looking at other options.
Speak with your Mortgage Broker and have them do to the research. It is always good to start the research 4 to 5 months out from the renewal date because most lenders can lock in your rate 120 days before closing.