Mortgage Renewal vs. Switching: What’s the Smarter Option for You?
When a mortgage renewal notice lands in the mailbox, most homeowners in Toronto feel the same mix of relief and uncertainty. Relief because they’ve made it through another term. Uncertainty arises because a major decision looms: should they renew with their current lender or consider switching at renewal? It’s a question many homeowners ask themselves—especially in a market like Toronto, where interest rates, property values, and household budgets are always shifting. And while renewing may feel like the easier path, “easy” doesn’t always mean “best.” This guide walks homeowners through both options in plain language. It explains what renewal really means, what switching involves, and how to figure out which choice makes the most sense for their financial situation—especially if they’re exploring an online home mortgage loan or looking for the best mortgage broker in Toronto . Understanding Mortgage Renewal: The Familiar Path Mortgage renewal happens when a mortgage term ends—usu...
