It’s true that taking out a loan to buy a house is a big moment in your life, but renewing your mortgage should be right up there in terms of importance. See how you can plan ahead so that things work in your favour.
If you buy a property with a 25-year amortization period and a 5-year term, that means that you’ll have only four opportunities to re-evaluate your needs with an advisor: each time your mortgage is up for renewal.
“As you go through different stages of your life, it’s especially important to use the time between terms to get an understanding of what avenues are open to you,” says Louis-Philippe Ménard, Product Manager, Financial Solutions, at National Bank. Take advantage of these key moments to evaluate your options before renewing your mortgage loan.
1. Plan your mortgage renewal in advance
When your mortgage is up for renewal, be ready for it. Your financial institution should inform you 90 days before the term us up and provide you with a few options.
For more information, read the full article on National Bank website.