Most mortgages arrange monthly payment amounts so that if each payment is made timely, the mortgage will be paid off after roughly 30 years. However, mortgages in Canada have smaller terms and are usually much shorter than the amount of time it would take to pay off the mortgage in full.
Most homeowners simply sign the lenders’ renewal without shopping for the best rate and terms. It is always a good idea to shop around in order to ensure you are receiving the best renewal option and our mortgage specialists are there to help.
