{"id":1432,"date":"2023-07-20T22:24:00","date_gmt":"2023-07-20T22:24:00","guid":{"rendered":"https:\/\/effortlessmortgage.ca\/blogs\/?p=1432"},"modified":"2024-07-04T13:45:02","modified_gmt":"2024-07-04T13:45:02","slug":"5-essential-mortgage-renewal-tips","status":"publish","type":"post","link":"https:\/\/effortlessmortgage.ca\/blogs\/5-essential-mortgage-renewal-tips\/","title":{"rendered":"5 Essential Mortgage Renewal Tips To Get The Best Mortgage Deal"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1432\" class=\"elementor elementor-1432\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5a0068e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5a0068e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d990337\" data-id=\"d990337\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-091b5e0 elementor-widget elementor-widget-video\" data-id=\"091b5e0\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/youtu.be\\\/NgBm0WbEr-g&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-46528b68 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"46528b68\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6f49500f\" data-id=\"6f49500f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-17424152 elementor-widget elementor-widget-text-editor\" data-id=\"17424152\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<p>Let&#8217;s discuss the<span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">\u00a05 essential <\/span><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif;\"><b>mortgage renewal tips<\/b><\/span><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\"> to get the best mortgage terms and rate.\u00a0<\/span><\/p>\n<p>Whether you are looking for a straight mortgage renewal or you want to refinance to get some equity out of your current home, you will find this helpful.<\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cb3ce0f elementor-widget elementor-widget-heading\" data-id=\"cb3ce0f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">MORTGAGE RENEWAL TIPS<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-efa8a73 elementor-widget elementor-widget-heading\" data-id=\"efa8a73\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Tip #1: Understand The Mortgage Renewal Process<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-951710d elementor-widget elementor-widget-text-editor\" data-id=\"951710d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">Mortgage renewal is the process of renegotiating the terms of your mortgage after the initial term ends.<\/span><\/p>\n<p>The most popular mortgage term in Canada is a 5 year fixed term. Although, variable term mortgages have been very popular in the past decade because we were in an ultra low interest rate environment up until last year. This is an opportunity to re-evaluate your financial goals, finding the best mortgage rates, and explore different options.<\/p>\n<p><b>Here\u2019s how the mortgage renewal process goes&#8230;<\/b><\/p>\n<ul>\n<li>You get a letter in the mail from your existing mortgage lender. It will typically have 3-5 options on rates and terms for you to choose from.&nbsp;&nbsp;<\/li>\n<li><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">You check off the box next to the term you want, sign at the bottom and mail it back to the lender.&nbsp;<\/span><\/li>\n<li><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">Done.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">At least that\u2019s what the mortgage lenders want you to do.<\/span><\/p>\n<p>However, now interest rates are going up and up, so you will be at a huge disadvantage if you simply take the offer that\u2019s given to you.&nbsp;<\/p><p>So what should you do at renewal before you make any decision?<\/p>\n<p><!-- \/wp:list --><!-- wp:heading {\"level\":3} --><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ddd675e elementor-widget elementor-widget-heading\" data-id=\"ddd675e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Tip #2: Review Your Financial Goals<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-418fcce elementor-widget elementor-widget-text-editor\" data-id=\"418fcce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">This second tip out of 5 mortgage renewal tips is an important one that most homeowners don&#8217;t consider enough.\u00a0<\/span><\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">Before you make any decisions, take the time to assess your current and <\/span><mark style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\"><\/mark><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\"> future plans, such as <\/span><mark style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\"><\/mark><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\"> home renovations, <\/span><mark style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\"><\/mark><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\"> retirement savings, investments or educational expenses.<\/span><\/p>\n<p data-pm-slice=\"1 1 []\"><b>Consider how your mortgage renewal can align with these goals.<\/b><\/p>\n<p data-pm-slice=\"1 1 []\">For example, if you plan to move in the next 2 to 3 years, whether to upgrade to a bigger house or downsize, then it doesn&#8217;t make sense to take another 5 year fixed term.\u00a0<\/p>\n<p data-pm-slice=\"1 1 []\">When you start your mortgage renewal process, be sure to talk about your medium to longer term goals with your mortgage broker. For example, our\u00a0<a href=\"https:\/\/www.effortlessmortgage.ca\/index.php\" target=\"_blank\" rel=\"noopener\">Effortless Mortgage<\/a>\u00a0broker can help you navigate through different scenarios and identify the best options to ensure your mortgage supports your financial goals.<\/p>\n<p data-pm-slice=\"1 1 []\">Don&#8217;t just focus on the rates.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d81ea4c elementor-widget elementor-widget-heading\" data-id=\"d81ea4c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Tip #3: Start Early<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c4ef53 elementor-widget elementor-widget-text-editor\" data-id=\"7c4ef53\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">As the interest rates increased significantly over the past year and half, so will your mortgage payments at the time of renewal. Many borrowers see their mortgage payment increasing by almost 50% at the time of renewal.<\/span><\/p>\n<p>For example, if you have a $500K mortgage, and renewing into a 5% interest rate from a 2% interest rate 5 years ago, your payment will go up from $2117 to $2908, which is a 37% jump.<span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\"><br \/><\/span><\/p>\n<p data-pm-slice=\"1 1 []\"><b>We call that a RATE SHOCK.<\/b><\/p>\n<p data-pm-slice=\"1 1 []\">Mortgage renewal in today&#8217;s market becomes a crucial opportunity to look for mortgage options to minimize this shock.<\/p>\n<p data-pm-slice=\"1 1 []\">Sometimes mortgage approval can take weeks or even months to complete.<\/p>\n<p data-pm-slice=\"1 1 []\">If you leave your renewal decisions to the last minute you won&#8217;t have the luxury to fully explore those options.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bc23d5b elementor-widget elementor-widget-image\" data-id=\"bc23d5b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.effortlessmortgage.ca\/private-mortgage.php\" target=\"_blank\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1584\" height=\"396\" src=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit.png\" class=\"attachment-full size-full wp-image-1400\" alt=\"Private mortgage with bad credit\" srcset=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit.png 1584w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit-300x75.png 300w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit-1024x256.png 1024w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit-768x192.png 768w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit-1536x384.png 1536w\" sizes=\"(max-width: 1584px) 100vw, 1584px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d558fe5 elementor-widget elementor-widget-heading\" data-id=\"d558fe5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Tip #4: Shop Around<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4b46973 elementor-widget elementor-widget-text-editor\" data-id=\"4b46973\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">Mortgage renewal is the only opportunity when you are able to switch to a different lender without any penalties.<\/span><\/p>\n<p data-pm-slice=\"1 1 []\"><b>Mortgage Renewal is a perfect time to make lenders compete for your business.<\/b><\/p>\n<p data-pm-slice=\"1 1 []\">One way to help you save time and money is to <mark><\/mark> use a mortgage broker who acts as an intermediary between you and the lending institutions.<\/p>\n<p data-pm-slice=\"1 1 []\">They have access to multiple lenders and they often have access to lower rate and volume discount not available to individual borrowers.<\/p>\n<p data-pm-slice=\"1 1 []\">For example, even when you are getting a renewal offer from your existing lender, a mortgage broker can still try to get you an even lower rate from the same lender by using their volume discount.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b6cd96 elementor-widget elementor-widget-heading\" data-id=\"2b6cd96\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Tip #5: Consider Mortgage Refinance<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8dc411b elementor-widget elementor-widget-text-editor\" data-id=\"8dc411b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-pm-slice=\"1 1 []\">Mortgage renewal also offers an opportunity to explore mortgage refinancing, which allows you to take out <mark><\/mark> home equity in addition to your existing mortgage balance.<\/p>\n<p data-pm-slice=\"1 1 []\">Maybe you need some funds to pay off debt, renovate your basement and maybe keep some cash on hand for a rainy day.<\/p>\n<p data-pm-slice=\"1 1 []\">Say you have a $500K mortgage up for renewal and your house is worth $1 Million right now, you can potentially take out $300K (refinancing up to 80% of your home value) by refinancing your mortgage at the time of renewal, without any penalty.<\/p>\n<p data-pm-slice=\"1 1 []\">Discuss with your mortgage broker to evaluate whether mortgage refinancing aligns with your financial goals.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcbe010 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"bcbe010\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d509cc1 elementor-widget elementor-widget-heading\" data-id=\"d509cc1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">MORTAGE RENEWAL TIPS INFOGRAPHIC<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d7101d2 elementor-widget elementor-widget-image\" data-id=\"d7101d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"2000\" src=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2023\/07\/Mortgage-Renewal-Infographic-by-Effortless-Mortgage.jpg\" class=\"attachment-full size-full wp-image-1441\" alt=\"Mortgage Renewal Infographic by Effortless Mortgage\" srcset=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2023\/07\/Mortgage-Renewal-Infographic-by-Effortless-Mortgage.jpg 800w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2023\/07\/Mortgage-Renewal-Infographic-by-Effortless-Mortgage-120x300.jpg 120w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2023\/07\/Mortgage-Renewal-Infographic-by-Effortless-Mortgage-410x1024.jpg 410w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2023\/07\/Mortgage-Renewal-Infographic-by-Effortless-Mortgage-768x1920.jpg 768w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2023\/07\/Mortgage-Renewal-Infographic-by-Effortless-Mortgage-614x1536.jpg 614w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4c80b6d elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"4c80b6d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-121bf6f elementor-widget elementor-widget-heading\" data-id=\"121bf6f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">MORTGAGE RENEWAL - IN THE NEWS<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1e002a8 elementor-widget elementor-widget-image\" data-id=\"1e002a8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"600\" height=\"500\" src=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2023\/07\/house-1.png\" class=\"attachment-full size-full wp-image-2000\" alt=\"\" srcset=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2023\/07\/house-1.png 600w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2023\/07\/house-1-300x250.png 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7a3c98 elementor-widget elementor-widget-text-editor\" data-id=\"b7a3c98\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">As per\u00a0<\/span><a style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); background-color: #f7f8fa;\" href=\"https:\/\/ca.finance.yahoo.com\/news\/canadians-shouldnt-wait-to-take-action-on-looming-mortgage-renewals-experts-113414849.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAKep8jjzHKOK9VFjNseiSUiY6nMXSizDVOR0h9Dlcx1xTq6YmRTFvQTtXxuxJ_DAswOSsrJn-FEdRP2YlEhAA3iuq0L6djwyEc3AV5l4q-Ds4HDfqEvqo0Zwsp2FbEUjtVMUO2X1J2ame1QLBUYObtq1vRyQGQC2owToFCE3sd9Y\" target=\"_blank\" rel=\"noopener\">Yahoo Finance<\/a><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">\u00a0article published in June 2023, &#8220;experts say Canadians bracing for higher payments when they renew their mortgages in 2025 and beyond should start planning now in order to best manage the increase&#8221;.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b93a1ad elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"b93a1ad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a0324a elementor-widget elementor-widget-heading\" data-id=\"2a0324a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The Bottom Line<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e8ae414 elementor-widget elementor-widget-text-editor\" data-id=\"e8ae414\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>It&#8217;s crucial to understand the mortgage renewal process, review your financial goals, start early, shop around and take advantage of mortgage refinance opportunities. By following these <b>mortgage renewal tips<\/b>, you&#8217;ll be better equipped to get the best mortgage deal during your mortgage renewal.\u00a0<\/p>\n<p>If you have any questions, feel free to contact us.\u00a0<\/p>\n<p>The\u00a0<a href=\"https:\/\/www.effortlessmortgage.ca\/index.php\" target=\"_blank\" rel=\"noopener\">Effortless Mortgage\u00a0<\/a>has experienced mortgage advisors who get mortgages approved when banks and other lenders decline due to credit, income, etc. We are available 7 days a week!<\/p>\n<p>Book a 15-min call to discuss your needs. No obligation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f4cd270 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f4cd270\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-53a3e08\" data-id=\"53a3e08\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8602ad3 elementor-widget elementor-widget-image\" data-id=\"8602ad3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/calendly.com\/mortgage-advisors\/quick-chat?month=2022-07\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"364\" height=\"113\" src=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2021\/07\/Book-a-15-Min-Call.png\" class=\"attachment-full size-full wp-image-806\" alt=\"Book-a-15-Min-Call\" srcset=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2021\/07\/Book-a-15-Min-Call.png 364w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2021\/07\/Book-a-15-Min-Call-300x93.png 300w\" sizes=\"(max-width: 364px) 100vw, 364px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>https:\/\/youtu.be\/NgBm0WbEr-g Let&rsquo;s discuss the&nbsp;5 essential mortgage renewal tips to get the best mortgage terms and rate.&nbsp; Whether you are looking for a straight mortgage renewal or you want to refinance to get some equity out of your current home, you will find this helpful. MORTGAGE RENEWAL TIPS Tip #1: Understand The Mortgage Renewal Process Mortgage [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,43,53],"tags":[],"table_tags":[],"class_list":["post-1432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-basics","category-mortgage-options","category-mortgage-renewal"],"_links":{"self":[{"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/posts\/1432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/comments?post=1432"}],"version-history":[{"count":37,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/posts\/1432\/revisions"}],"predecessor-version":[{"id":2003,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/posts\/1432\/revisions\/2003"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/media\/1433"}],"wp:attachment":[{"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/media?parent=1432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/categories?post=1432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/tags?post=1432"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/table_tags?post=1432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}