Date Posted: August 8, 2021
When you first sign for a mortgage, your contract is in effect for a specific period. This is called a mortgage term and it can range from a few months to five years.
Coming to the period of your renewal, the lender must provide you with renewal statements at least 21 days prior to the end of your term. The lender also must notify you 21 days prior to your renewal date if they are planning to not renew the mortgage. The renewal statement must include the following:
When your mortgage term comes to an end, you must pay the amount in full or renew it. At this time, it is a good idea to review your mortgage needs and make sure you have the right product for you. Things to consider at this time include:
For more information on renewing your mortgage, reach out to a Mortgage Broker today!
For the full article from the Government of Canada; click here.