If you renewed your mortgage or purchased a home three or four years ago and had a five-year term, you’ll soon have to go through the mortgage renewal process. However, you’re probably not going to like the rate you see when it comes time to renew.
Interest rates have risen significantly since March 2022, when the overnight interest rate was 0.25%. Today, it sits at 4.75%. This has pushed many Canadian homeowners to their breaking point.
Don’t fret if you’re not sure what a mortgage renewal is. We’ll walk you through the process, providing you with tips and the steps required to renew your mortgage.