Welcome to another episode of Make Money Count! Today, we’re focusing on a major economic concern for Canada: falling productivity. As global competition heats up,
Welcome back to another episode of Make Money Count! In the latest Bank of Canada announcement, we’ve seen a much-anticipated 50-basis-point rate cut, lowering the
Welcome to the latest episode of Make Money Count, where we break down the most important financial news and what it means for you. In
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
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.
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.
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.
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.
“Facing the end of your mortgage term, you have 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. It’s important to understand that renewal isn’t just a repetition; rates can fluctuate based on market shifts and your financial standing. Significant changes in income or credit can also influence your renewal options. Ensure timely renewal to avoid penalties. For expert guidance, count on Cannect to assist you every step of the way.”
Founder Cannect Inc.