The choices you make when renewing your mortgage can have a big impact on your finances, especially as your mortgage rate increases. It’s worth taking the time you need to understand your options and make the best choice for your situation. ATB's free mortgage renewal guide was created specifically for homeowners in Alberta to walk you through every part of the renewal process. From understanding fixed vs variable mortgage options to exploring a Home Equity Line of Credit (HELOC), this guide has you covered.
Here's what you can expect to learn:
- What mortgage renewal truly means for you.
- When to start the mortgage renewal process for the best outcomes.
- The difference between renewing and refinancing, and if refinancing makes sense for your financial goals.
- How factors like the Bank of Canada's policy rate impact your mortgage.
- Strategies to secure the best mortgage rate for your needs.
- A step-by-step breakdown of the mortgage renewal process.
- Insights on switching lenders versus staying with your current lender.
- Understanding the risks if your mortgage renewal date passes without a decision.
- Solutions if you have concerns about moving forward with your mortgage process.
- Whether a Home Equity Line of Credit (HELOC) is right for you when renewing your mortgage.