Mortgage Renewals

When you are approaching the end of your mortgaging term, you have the opportunity to reassess your needs. We can help you renegotiate your mortgage and find terms that are more suited to your current situation.

Mortgages are typically one of the larger financial commitments people make. It’s important to do your due diligence while researching and planning your options. As specialists, we’ll be able to help you look deeper into the variables involved.

Together we’ll review:

Interest rates
Prepayment privileges
Mortgage transfer options
Your plans for the future
Technical details of your past and future mortgage agreements and more

It’s our priority to guide you through the mortgage renewal process with complete transparency, explain the terms in plain English, and find a custom solution that’s right for you.

When to start the Renewal Process

Start shopping around several months before renewal - don’t leave it until the last moment. Banks want you to resign with them and don’t want you to shop around for other lenders. Generally they notify you about the upcoming renewal only

weeks in advance of the term expiry. This short time frame makes it very difficult for you to contact other lenders and compare rates and terms. Give yourself time to get the best deal.

Don’t sign anything you don’t understand!

Read your mortgage agreement carefully before you sign it, and ask questions about anything you don’t understand.

There is no fee to switch lenders (excluding collateral mortgages) when renewing your mortgage. Take advantage of our free consultation and see how we can save you money.

Our vast network of lenders enables us to locate the product best suited to your needs at the lowest possible rate.

Consider ways to pay off your mortgage faster:

Increase your payment amount
Choose an accelerated option for your payment
If your renewal rate is lower, keep your monthly payments the same
Make a lump-sum payment

We offer flexibility in a mortgage, including negotiating excellent prepayment privileges, mortgage portability and terms that work for you now and in the future.

Contact us today to set up a free consultation to review your mortgage renewal options.

Testimonials

Understanding all of the current rates and legal issues with buying our first home was overwhelming before we came to Benson. They sat down with

Kate & Charles D., Woodbridge
In the same week a freak storm took out my sunroom and car with a fallen branch. My insurance wouldn’t cover it and

Anthony P., New Market
I am so grateful to you guys. I just cannot thank you enough for the job you did on my mortgage. I am not sure

Mrs. Svetlana K., North York, Ontario
The flexibility and support Gleb and Benson Mortgages offered us for our commercial development investment was impressive. We were able to secure the funds we

Michael P., Toronto

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