Mortgage Glossary

Ammortization (Shortening It)

At the end of each term, you have a renewal date. If interest rates are about the same as during your old mortgage term, (or even lower), then you should consider decreasing your remaining amortization. A reduction in your amortization will result in your mortgage being paid off sooner.

Check with your mortgage broker. Renewal time is an excellent time to consider switching your mortgage to another lending institution. A mortgage broker will probably be able to obtain a better interest rate than you can negotiate by yourself. Talk to a mortgage broker approximately 4 months before your renewal date.

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