Difference between renewing & refinancing your mortgage
Renewing your mortgage means staying with your current lender for another term. You’ll have an opportunity to renegotiate your interest rate and term; your CTMS agent is experienced in negotiating with lenders and will do this on your behalf with no additional cost to you. Also you won’t need to re-apply.
When you refinance, you are paying out your existing mortgage in order to negotiate a new mortgage loan agreement. This is usually because you want to access the equity in your home or lower other borrowing costs.
Need to Refinance your mortgage? Contact Canadian Tailored Mortgage Solutions now, our brokers are ready to go over the refinancing details, negotiate and tailor your mortgage to fit your need.