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Why choose Cannect for Renewing?
5 Billion funded in Mortgages
Highest Number of Options for Renewals
Best Rates & Terms in Market Every Time!
Unbiased Mortgage Advice
Wanna know exactly how much money you can save if you renew your mortgage with us?
Curious about how much money you could save by renewing your mortgage with us? Our renewal calculator lets you calculate your monthly payments with precision, allowing you to adjust variables such as interest rate, term length, amortization period, and more. Take control of your finances and explore the possibilities with Cannect today!
What’s the process?
A step-by-step guide to mortgage renewal with Cannect
1. Review your current mortgage terms:
We will take a look at your existing mortgage agreement and understand your current terms. This includes your interest rate, term length, and any prepayment provisions. Understanding your current terms will help us give you an informed decision when it comes to renewal.
2. Assessing your financial situation:
If your income or credit score changed significantly since your last mortgage term it could affect the renewal terms you're offered. We will check your financial standing before you begin the renewal process.
It's wise to begin considering your mortgage renewal about four to six months prior to the end of your current term. This allows you plenty of time to explore different options, negotiate favorable terms, and sidestep any stress that may arise from making a rushed decision at the last minute.
3. Review your renewal terms
Make sure to carefully assess the terms presented, compare them with other options in the market, and feel free to ask any questions. Keep in mind that everything, from the interest rate to the term length, is open to discussion with our Agents as Cannect provides the best terms available.
4. Sign your new mortgage agreement:
When you're satisfied with the terms, it's time to finalise your new agreement. The team at Cannect, including our mortgage advisor, will assist you through this process, ensuring clarity and understanding every step of the way.
Spare few minutes, and save thousands with Cannect
Tips on renewing your Mortgage
Make Money Count Podcast
Our podcast will give you more insight to Cannect
Marcus and Justin provide a comprehensive overview of the current economic conditions in the Canadian real estate market. Highlighting the absence of a spring market
In this episode of the Make Money Count podcast, Marcus is joined by his long-time co-host Justin Turner to discuss the advantages of variable rate
In this week’s riveting episode of Make Money Count, Marcus delves into the pressing economic questions surrounding housing crisis predictions and the underlying factors contributing
Testimonials
Alessandra is a professional real estate lawyer and owner of Vantage Law. She is invested in the Cannect Mortgage Investment Corporation. “The reason why I
Bruce is a professional Search Engine Optimizer, and an investor in the Cannect Mortgage Investment Corporation. Take a listen to his video testimonial on Cannect. “The
Ola is a technical consultant with a major telecommunication company and an investor in the Cannect Mortgage Investment Corporation. Take a minute to hear her story
Have more Questions?
We have all the answers for you
When should you start thinking about mortgage renewal?
As your mortgage term approaches its end, you’ll face the decision of either paying off your mortgage in full or renewing it. This marks a crucial moment to assess your mortgage requirements and ensure you’re aligned with the right product. Remember, you’re not obligated to renew with your current lender. Exploring options from different lenders can lead to better terms that suit your needs. To make an informed decision, start exploring options a few months prior to your term’s end. Reach out to various lenders and mortgage brokers to compare offers that align with your requirements. Don’t wait until you receive the renewal letter from your current lender.
Can you switch lenders during a mortgage renewal?
Absolutely, it’s entirely possible to switch lenders when renewing your mortgage. This flexibility empowers you to explore better options that align with your financial goals and needs. Cannect stands out in this aspect, offering the best rates in Canada that often surpass those offered by traditional banks. By switching to Cannect during your mortgage renewal, you can access superior terms, lower interest rates, and personalized solutions tailored to your unique situation.
Does your credit score affect your mortgage renewal?
Yes, your credit score can affect your mortgage renewal.
Your credit score plays a significant role in your mortgage renewal process. Lenders typically review your credit history and score to assess your creditworthiness and determine the terms of your renewed mortgage. A higher credit score may lead to more favorable terms, such as lower interest rates and better loan options. On the other hand, a lower credit score might result in higher interest rates or limited options. It’s essential to maintain a good credit score and address any issues that may impact your credit before renewing your mortgage to ensure you get the best possible terms.
What happens if you don't renew your mortgage?
If you don’t renew your mortgage, several scenarios can unfold depending on your lender’s policies and your financial situation:
1. Automatic Renewal: Some lenders may automatically renew your mortgage at the end of the term if you don’t initiate the renewal process yourself. This renewal may come with new terms and conditions, including a potentially higher interest rate.
2. Lender’s Offer: Your lender may offer you a renewal with updated terms. These terms could be similar to your previous mortgage or may have changes based on market conditions and your creditworthiness.
3. Mortgage Maturity: If you don’t renew or arrange a new mortgage, your current mortgage becomes due and payable in full. This means you would need to pay off the remaining balance, either through refinancing with the same or a different lender, selling the property, or using other funds to clear the mortgage debt.
4. Penalties and Fees: Failing to renew or pay off your mortgage on time may lead to penalties and fees imposed by the lender. These penalties could include higher interest rates, administrative fees, or even legal actions in severe cases.
It’s crucial to stay proactive and communicate with your lender before your mortgage term ends to discuss renewal options or alternative solutions if you’re unable to renew.
Mortgage renewal with Cannect
“Facing the end of your mortgage term, you’re presented with a crucial choice: stick with your current lender or explore new options; Cannect offers competitive rates and personalized service to both new and loyal customers, emphasizing the importance of understanding that renewal isn’t just a repetition as rates can fluctuate based on market shifts and your financial standing, significant changes in income or credit can influence renewal options, so ensure timely renewal to avoid penalties and for expert guidance, count on Cannect to assist you every step of the way.”
Marcus Tzaferis
Founder Cannect Inc.
