Now, more than ever, it’s crucial to pay attention to your mortgage renewal. Discover why it’s so important and how it can boost your financial plan. In the past, when it came to renewing their mortgage, many Canadians would often simply auto renew their mortgage and accept whatever their current lender was offering them. While that was never a wise idea, now, more than ever, you need to be far more diligent when it comes to your mortgage renewal.

Your mortgage is probably your biggest debt, and your home is one of your largest assets.. Additionally, your payments are likely your largest expense, therefore the decisions you make when you renew your mortgage will have a significant impact on your monthly cash flow for years. Blindly renewing your mortgage means that you could be missing out on a lot of opportunities. Also, if you’re renewing your mortgage this year, you’ll almost certainly find that your new mortgage rate will be more than the previous one, meaning your regular payments could increase. You need to have a strategy in place to deal with those higher mortgage rates.

Let’s take you through the mortgage renewal process; why it happens, why it matters and what are the most important things to watch out for this year.

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