Mortgage renewal calculator – MoneySense

May 4, 2022 By admin

Advertisement
Mortgages
By   on January 13, 2022
By   on January 13, 2022
Use a mortgage renewal calculator to figure out if switching lenders at renewal time can save you money through more favourable terms.
Advertisement
Mortgage renewal can be a stressful time for Canadians. There are a lot of decisions to be made, including whether or not to stick with the same lender. A mortgage renewal calculator can help simplify the process and ensure you make an informed and financially beneficial decision that will serve you well for years. 
A mortgage renewal calculator allows you to compare the savings or fees that come with different mortgages, based on a given amortization period, payment frequency and interest rate. It’s one of the easiest ways to determine if your current mortgage is working for you or if it’s time to find one that better suits your needs. 
When your mortgage term ends, if you’re not at the end of your amortization period or haven’t paid off your mortgage in full, you’ll need to renew your mortgage contract. This is a good time to review your current mortgage agreement and to see if there are maybe better options out there for you. 
If your lender is a bank or federally regulated institution, it should send you a renewal notice at least 21 days before your current mortgage term is set to expire. The statement will contain information including your remaining mortgage balance, the interest rate, payment frequency, term and any potential fees that come with renewing for another term. 
Usually, your lender will also send you a new mortgage contract that you can sign indicating you wish to renew. Note that if you don’t renegotiate or change providers your mortgage contract may be set to automatically renew. 
While it may be easier to stay with the same mortgage provider, that’s not always the best decision financially. Here are some actions you should take before deciding to renew or not:  
If you stay with the same lender and stick to the terms of your original contract, that’s considered a renewal. If, however, you want to change the terms of your mortgage before the term expires, that’s called refinancing
You can attempt to renegotiate your agreement at any time for better terms, but there may be costs associated with refinancing, especially if you break your mortgage contract to go with a different provider. Possible fees include:
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Your email address will not be published. Required fields are marked *

document.getElementById( “ak_js” ).setAttribute( “value”, ( new Date() ).getTime() );
Advertisement
Ask a Planner
During a divorce, one or both spouses may move…
Real Estate
An effect of many Canadians being priced out of…
Renovations
Whether you’re handy or not, learn how to spruce…
Real Estate
These prospective home buyers face a common challenge: buy…
Earn
Prepping for a job review or buying a car?…
Real Estate
Getting your foot on the property ladder in Ontario…
Real Estate
How much can you afford on your first home?…
Mortgage Terms
As interest rates climb, variable mortgage rate holders may…
Financial literacy
The central bank’s overnight interest rate sets the tone…
Mortgages
Presented by
Ratehub.ca
MoneySense is a digital magazine and financial media website, featuring content produced by journalists and qualified financial professionals. MoneySense is owned by Ratehub Inc., but remains editorially independent. While our goal is to provide accurate and up-to-date financial content, we encourage readers to practice critical thinking and cross-reference information with their own sources—especially before making any financial decisions. While our editorial team does its best to ensure accuracy, details change and mistakes happen. If you read something you feel is incorrect or misleading, we would love to hear from you. MoneySense is not responsible for content on external sites that we may link to in articles. MoneySense aims to be transparent when we receive compensation for advertisements and links on our site (read our full advertising disclosure for more details). The content provided on our site is for information only; it is not meant to be relied on or used in lieu of advice from a professional. Advertisers/partners are not responsible for and do not influence any of the editorial content appearing on MoneySense.ca. Our Advertisers/partners are also not responsible for the accuracy of the information on our site. Be sure to review the provider’s terms and conditions for all products and services displayed on MoneySense.ca. Product information and details vary for Quebec. For complete and current information on any product, please visit the provider’s website.
© 2002-2022 Ratehub Inc. All rights reserved
© 2002-2022 Ratehub Inc. All rights reserved

source