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Mortgage Renewal

Christopher01
  |     |   1 posts since 2017

Hi,

I am here to know more about mortgage renewal. I am planning to renew my mortgage. But, I don't know the details as it was the first mortgage I took 10 years back. It is a 20-year mortgage and according to the agreement made, the monthly payment was a small amount which was convenient for me then.

Now, I could make a better monthly payment. So, I want to reduce the amortization period by making a larger monthly payment.

Does anyone know the formalities for doing the same? Is there any legal issue in reducing the amortization period. I have heard that we could do it legally. But, as I am not sure about the procedures/formalities, I need your help.

Does anyone have any previous experience to share here? In my search, I came to know about some of the brokers offering mortgage renewal process in Canada. What is your opinion about consulting them for a service? Or do you have any other suggestions?

Hope you would help me know the things the earliest. Thanks in advance!

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Answers
Bozo
  |     |   1,375 posts since 2011
Christopher, this is ordinarily called a "refinance". Generally speaking, you can refinance into a shorter term (e.g., 20 years to 15 or 10 years) or a lower rate, or both. The best bet is to check with your local bank.
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