What is a mid-term renewal?

Category: Blogs,Mortgage Tips & Advice

Question:

Mid-term renewals? I’ve seen this statement in many news articles; what does it mean?

Answer:

Since rates have increased more than 1.5% since the beginning of the year, many people consider a mid-term renewal or refinance.

To do this, we need to connect to review the following:

Your current rate on your existing mortgage
The current rate for a similar product
The penalty for making changes
The savings in interest and payments

Consider this a tune-up for your mortgage; you may not need anything. However, it’s better to check than be stuck on the side of the road wishing you had stopped in.

If you want to discuss these two options, connect with me, and I’m happy to review them with you.

Want to connect?

Ana can be reached at 905.870.0513, or you can email her at ana@askanacruz.ca

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