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I am a self-employed person. I need your help in making plans to renew my mortgage.

Ten years back, I took a mortgage to build my home. Most of my well-wishers, including my friends and family, suggested me to take an existing home mortgage. But, I had some other plans about my home and to fulfill my dreams, I tried to get a construction mortgage.

It was not an easy task to get approved for a construction mortgage and after a long series of rules, finally, I acquired what I wanted. And now, I am happy to see my home as it is a result of my hard work and vision.

Later, in 2012, I resigned from my job to start a business. Again I was in need of a financial support. I couldn't save more money, as I had to make the monthly payments on the first mortgage. So, I took a mortgage to buy a nearby building. And successfully started the business.

Then, I felt it a little hard to make the monthly payments on the two mortgages. But, by God's grace, I could manage everything smoothly. My first mortgage term will be ending in February 2018. And as I couldn't make the total payment(including the interest) within the term, I am planning for a mortgage renewal.

So, I want to know the formalities for a renewal. Hope you understood my situation. And if you have any previous experience in renewing a mortgage, please let me know the formalities for the same.

Can I approach another broker for the service? Or should I consult the same broker from whom I took the mortgage? I came to know about some www(dot)mortgagesmortgages(dot)ca/mortgage-options/renewal brokers offering mortgage renewal process in Canada. But, before making a final decision, I want to hear from you.

Reply awaited. Thank you!

The early mortgage renewal process starts 4 months before your term is up. In your case, you have to renew the mortgage this month (November) only to avoid paying the prepayment penalty. You should consult another broker to know what other lenders are offering. This would help you to negotiate with your present lender. Consider your current financial goals before making the final decision.

Sub: #1 posted on Sun, 11/19/2017 - 22:56

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Yes, ask another broker to know the quote.

Sub: #2 posted on Mon, 11/20/2017 - 05:27

Sanders Patricia Sanders Patricia

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Yes, you may save your mortgage prepayment penalty if you renew in this month. Lenders allow 120 days before the term ends for early renewal process. Consult a new broker and get yourself updated...hurry up!

Sub: #3 posted on Mon, 11/20/2017 - 06:17

Barbara Delinsky Barbara Delinsky

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