July 14, 2020

Mortgage Renewal Guide

Mortgage Renewal Guide

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Mortgage Renewal Guide

A mortgage renewal is when your current mortgage term comes to an end and you sign-on for a new term (or pay off your existing mortgage). When you sign for a new term you’re essentially signing a new mortgage for the remaining balance owed. For example, if you have $350,000 remaining on a mortgage that was originally $500,000, your new mortgage will be for $350,000.

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