Mortgage
Renewal
Renew your mortgage hassle-free with our tailored solutions. Secure the best rates and terms for continued financial peace of mind.
When your mortgage term comes to an end, it’s time to renew, and at Orange Mortgage, we’re here to offer you a range of mortgage renewal options at rates that outshine the banks.
The Power of Mortgage Renewal
During mortgage renewal, you have the chance to renegotiate your interest rate based on the current market conditions. While your existing lender may provide a renewal offer, this is your opportunity to explore the market and consider your options. Shockingly, over 65% of Canadians simply renew with their existing lender without questioning the rate and terms offered. Don’t fall into this trap! Your mortgage is one of the most significant expenses you’ll ever have, and not exploring your options could cost you thousands. You have the freedom to choose a different lender, and it’s always a good idea to consult with your mortgage broker before making a decision. This way, you ensure you secure the most competitive rate and terms at renewal.
Mortgage Renewals Tailored to You
At Orange Mortgage, we provide mortgage renewals for homeowners in all situations, regardless of debt, income, or credit. Whether you’re considering an early renewal or want to get pre-approved in advance, we’ve got you covered. Early renewal can be a smart move if current interest rates are significantly lower than your existing rate, even with payout fees considered. Our team can help you analyze the numbers to make the right decision.
Early Renewal
Deciding to early-renew your mortgage depends on factors such as comparing current rates to your existing rate, considering the prepayment charge against potential savings from a lower rate, and predicting whether interest rates will rise by your existing renewal date. Remember that the prepayment charge must be paid upfront.
Switching / Renewing
When your mortgage is nearing maturity, most lenders send renewal agreements about 30 days before it matures. Orange Mortgage in Ontario offers rate protection up to 120 days (4 months) before your mortgage matures, free of charge and with no obligations. This protection has saved clients thousands of dollars. Renewal time is an excellent opportunity to assess your current mortgage and make extra payments to reduce the interest over the life of your mortgage.
It’s also a good time to consider more frequent payment methods if you’re not already using them, such as bi-weekly or weekly payments. Finally, choose the new term with care to ensure it aligns with your financial goals. Keeping payments the same when rates are lower can help you save on interest and pay off your mortgage more quickly.
Stay Ahead with Pre-Approval
Getting pre-approved is a wise choice, ideally about four months before your renewal date. This ensures you lock in a rate and secure the most competitive terms leading up to your renewal. If you initially arranged your mortgage with Orange Mortgage, we’ll proactively reach out to you four months in advance to guide you through the process.
Your Trusted Mortgage Renewal Partner
Is your mortgage due for renewal soon? Look no further. Orange Mortgage collaborates with over 52 lenders, including banks, credit unions, private lenders, and other options, ensuring that we find the best renewal options tailored just for you. Your financial well-being is our top priority, and we’re committed to securing the most advantageous renewal rates and solutions to fit your needs.
Why Choose Orange Mortgage Company?
48 Hour Bank Loan Approvals
Private Mortgage Commitment with in 2 Hours
No Appraisals required for Low Loan to Value
24/7 Client Support
$ Zero Lender and Broker fee options available
Quick & Easy Approvals
Experience Mortgage Excellence with the Lowest Rates!
Our Lenders
Orange Mortgage Company made my first-time home buying experience smooth and stress-free. Their team guided me through the entire mortgage process, patiently answering all my questions and providing expert advice. I felt confident in my decision to choose them, and I'm grateful for their excellent service.
I couldn't be happier with my choice of Orange Mortgage Company for my first-time mortgage. They offered me competitive rates and went above and beyond to secure the best deal for my situation. Their professionalism and dedication to helping first-time buyers are truly commendable. I highly recommend their services.
As a first-time homebuyer, I had many uncertainties about the mortgage process. Orange Mortgage Company not only provided me with a fantastic mortgage rate but also offered valuable insights and support throughout. Their friendly and knowledgeable team made the entire experience hassle-free, and I'm thrilled with my new home.
Orange Mortgage Company is the go-to choice for first-time homebuyers. They were patient, informative, and exceptionally responsive to my needs. They helped me understand all the intricacies of securing a mortgage and ensured that I got the best deal possible. I'm grateful for their expertise and would recommend them to anyone.
Connect with the Professional Mortgage Brokerage Company
Connect with the Professional Mortgage Brokerage Company
Question Answer
The timing for mortgage renewal varies but should typically be considered several months before your current term expires.
Mortgages do not automatically renew. You need to actively review and decide on your renewal terms.
Yes, you can choose to pay off your mortgage at the time of renewal without prepayment penalties.
Mortgage renewal involves negotiating new terms and interest rates for your mortgage when your current term expires.
If you don’t renew your mortgage, you will be placed on a standard variable rate, typically higher than a negotiated renewal rate. It’s crucial to actively review and renew your mortgage.