When it comes to Renewing your mortgage - it's rather simple...your lender normally provides you with a rate and a term - and you either say, "Yes" and Renew...or you say, "No", and you look for other favorable options.
It's important to understand - if you take NEW Money...this is not a renewal - rather it is a REFINANCE and you may incur new legal costs. However if you are not taking new money - and you keep it with your lender - then that is a TRUE Renewal.
But, what if you are not happy with your current lender? Or, what if you want to see what else is available? What then? Simple - you SWITCH! It's the same principal as a renewal - only with a different lender. You may incur some small costs - but normally a switch costs you next to nothing. Normally the new lender will cover the costs involved to accommodate the Switch!
We have great options for anyone who is entertaining the idea of Switching their mortgage...fill in the the 2 minute application form and let's explore those options together!