Renewing Your Mortgage

Renewing Your Mortgage
Your financial situation may have changed since you obtained your last mortgage. Renewing your mortgage is the ideal time to reassess your borrowing needs and choose the right mortgage, term and payment option to suit your lifestyle today.

Renewing Your Mortgage with MMG Mortgages is Easy
Well before your renewal date, you'll receive a renewal agreement in the mail from both your mortgage holder and MMG that outlines current terms and interest rates. Before selecting the best rate on your renewal document from your lender, take this time to call MMG and allow us to shop the market for you. More often then not, there is more competitive pricing available when transferring your mortgage to a new financial institution.


Early Renewals
Keep this idea in the back of your mind. You can decide when it’s the best time to renew your mortgage, even if it’s before the maturity date. Sometimes, the rates have dropped and paying a small penalty to escape your contract is more valuable then you think. If you can save on the interest rate, this can compensate for the penalty paid and/or also help save on the amortization and monthly payment amounts. Contact us and together we’ll look at how you can lock in to a new rate and term to better meet your needs.