Renewing Your Mortgage Early

An early renewal is when you renew your mortgage before your term is up.

Your mortgage term is a contract that you have with your lender for a specific amount of time, typically 3 or 5 years.

So, why renew your mortgage early?

to access a lower interest rate

to make mortgage payments lower (save every month)

to pay your mortgage down faster

But what about the penalty for breaking the contract with my current lender?

The penalty gets added to your new mortgage, you don’t pay out of pocket

I can calculate what your potential savings would be, even with the penalty included

Strongly consider renewing early if you are in year 4 of a 5 year fixed mortgage.

If you’re not sure where you’re at with your mortgage or if you should consider an early renewal, get in touch and we can make a plan that works best for you.

Text or call me directly at 306-280-0054.