What does it mean to renew your mortgage early? When you get a mortgage to buy a property, your loan has a fixed term. This is called a mortgage term. When your term ends, you must renew your mortgage, or pay off what's left of it. A pre-term mortgage renewal occurs when you choose to renew your loan before your current term officially ends. By that time, the prevailing interest rates (what it costs to borrow) may have changed. When renewing, you can also choose to change the length of your new term. For example, 3 years instead of 5. To simulate borrowing scenarios, use our mortgage payment calculator. https://nishantgovindan.com/refinance/refinance-calculators/ Be careful of penalties! Most lenders will let you renew your mortgage up to 6 months before it expires, penalty-free. Before this 6-month period, certain fees may apply. That’s why it’s important to make your calculations before deciding. Compare the difference between the penalty and the interest savings that the new mortgage rate could provide. In general, the later the mortgage maturity date, the higher the penalty. Contact me today and I will do a quick and thorough assessment. Give you the straight goods on your personal situation. Your success is important to me. Nishant Govindan Email: nishant@wolfpackmortgagesolutions.com Tel: (647)646.6843 www.nishantgovindan.com #wolfpackmortgagesolutions #canadianmortgages #dlc #mortgage #mortgagebroker #mortgageaget #refinance #newhome #mortgagerenewal #kingstonontario #perthontario #bellevilleontario #londonontario #oakvilleontario #ottawaontario #westportontario #toronto #brampton #vaughan #oakville #vancouver #calgary #pembroke #cornwall #gananoque #napanee #ajax #durham Powered by DLC National FSRA#12360 Independently owned and operated.