What is the Mortgage Renewal Process?

The mortgage renewal process involves renegotiating the terms of your existing mortgage loan with your current lender or exploring options with alternative lenders. When your current mortgage term nears its end, typically from one to five years, you can review and update your mortgage terms. This process allows you to assess your current financial situation, evaluate market conditions, and make decisions that align with your long-term goals. Whether you stay with your current lender or switch to a new one, the mortgage renewal process offers flexibility and the chance to secure favourable terms that meet your needs.