Renewing your mortgage is as important a financial decision as selecting your first one. While renewing your mortgage, you are in a stronger financial position as compared to where you were before. Your home equity grows over a period of time and by decreasing your principal loan balance, you are in a good position to negotiate. However, many prefer to just sign their existing agent’s mortgage renewal form without trying to get a good deal on the new mortgage. This results in a higher rate and a mortgage package that does not cater to your individual needs. Before you renew your mortgage :

- you will need to know what products are available to you

- you will need to know the differnt rate hold periods - this could make a difference in your rate

- you must be able to compare the different variable rate options - yours needs to be the best !

- you should know how you can pay your mortgage off quicker and save thousands in interest !