Do mortgages automatically renew?
The mortgage process can be seen as a hassle for the home buyers. With us, here at Team Jardine, we can make that process effortless and easy, giving you peace of mind. Is your term expiring and wondering ” Do mortgages automatically renew? ”
In most cases, mortgages payments are set up for long-term payment plans between 15 and 30 years and every couple of years, you need to renew your mortgage loan for another term until you have paid off the mortgage. This gives you the opportunity to go shop around and look for the best rates before signing on for another couple of years. If you do not want to shop around and prefer to renew your mortgage with your current financial institution do you need to do anything or Do mortgages automatically renew? Your mortgage could possibly automatically renew. As long as you have maintained your payments each month and have stable employment and income, with good credit, then automatically renewing your mortgage shouldn’t be an issue. Before your term comes to an end, your lender will send you a renewal statement at least 21 days prior to when your term comes to end. This statement will have all the information you need including your remaining balance and interest rates. However, if the lender has decided not to renew your mortgage for a number of reasons, they are also required to notify you 21 days before the end of the term. Regardless, you should always be as proactive as possible and 3 to 6 months before the end of the term, get in touch with a financial consultant and talk about how the renewal process will go so you don’t get any surprises and you have the opportunity to find the best price. It is a hassle to have to renew your mortgage several times throughout the course of your amortization, but you might as well turn the process into a money saver and try to find the best deal at each renewal.
Don’t let your mortgage renewal stress you out. We’re here to make the process of renewal easy for you! If you have any question like Do mortgages automatically renew? or anything else mortgage-related, give us a call at (506) 471-4210 or toll-free at 866-957-2263 and speak with one of our friendly mortgage advisers about your options.