Here’s everything you need to know to renew your mortgage at a great rate with Northern:
How do I know if it’s time to renew?
It’s time to renew your mortgage when you’re nearing the end of your mortgage term. To remind you, we’ll mail you a letter 3 months before your term expires. And, just to make sure you don’t miss it, we’ll give you a phone call as well. If you’re ready to renew when we call, we can walk you through the process right then over the phone.
When I’m ready to renew, what do i do?
If you aren’t ready when we give you a call or need some time to think about it, it’s not a problem. Just give us a call and make an appointment with a portfolio manager when you are ready (ideally before the end of your mortgage term), and we can help you process your mortgage renewal.
What’s involved in the mortgage renewal process?
To get your mortgage renewed, you’ll need to select your preferred mortgage term and rate, as well as any specific mortgage options. You’ll also have to provide your property insurance information and show that your property taxes are all paid up. After that, we’ll send you your new mortgage documents, which can be signed and sent back online (through Docusign®) or brought to your local branch.
Am I planning any maintenance or renovations?
If you have any home improvement or maintenance planned for the near future, you might want to consider rolling those costs into your new mortgage when you renew. Big ticket expenses - like new furnaces, windows, flooring and kitchen and bathroom renovations – can sometimes be more manageable when you spread the expense out over time. Your best bet is to book an appointment with a portfolio manager, who can help you figure out the best way for you to finance your project.
What happens if I don’t renew on time?
If your mortgage renewal date passes and don’t take any action to renew your mortgage - maybe you were away on vacation, or just forgot – your mortgage will automatically renew as a 1-year open mortgage at our current best available rate for that type of mortgage.
If you’re ready to renew right now or have any follow up questions, just book an appointment with a portfolio manager online.
