Things To Do Before You Renew Your Mortgage
If you have a mortgage coming up for renewal this year, it’s a good idea to check on a few details well in advance of your current term’s expiration date.
For example, determine whether you need to produce new documents to verify ownership before you get your new financing in place. An old property survey or condo agreement that is outdated and/or in need of correction may require official amendments before you can secure your new mortgage. Since such documents can take time, it’s wise to keep an updated file of all changes to your ownership status and have it ready when it’s time to renew.