Mortgage renewal calculator – MoneySense

May 4, 2022 By admin

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.
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:
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