Mortgage agreements can have a term that does not fully cover the repayment of the loaned amount. A mortgage renewal is a financial agreement with a mortgage lender where you secure a new term for your loan that is approaching maturity. This new term will cover the next portion of your remaining loan and may in turn require a renewal when it matures. If you have a mortgage that won’t be fully paid off at the end of the term, you will need to get a mortgage renewal.
Your mortgage renewal is an opportunity for you to shop around with different lenders and negotiate the best deal for yourself. By planning ahead you can secure yourself a better rate and a more suitable loan structure. For all your mortgage renewal needs be sure to consult trusted and experienced mortgage professionals.