Mortgage Glossary

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Early Renewal

Most lending institutions will allow you to break your present mortgage contract and renew early. For example, if you had signed for a 5 year term but part way through (e.g. after 37 months) you decide that interest rates are the lowest ever and all indications are that they are going to start going up again, you may opt to renew early to get the low interest rates for a new term.
You will, however, pay the institution a penalty for breaking your present contract. In spite of the penalty, this could still save you money.
Please discuss the current policies of the different lending institutions with your BC Mortgages broker.

 

 

 

 

 

 

 

 

 

 

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