A mortgage renewal occurs when your current term ends and you sign on for a new term. For this process, it is not always necessary to work with a lawyer in regards to a standard renewal (usually done with the same financial institution or lender). However, there may be cases where you need to increase your existing mortgage beyond the original limit or discharge your former mortgage, and you may need to consult with a lawyer.
How a Lawyer Can Help You with Your Mortgage Renewal
Becoming a homeowner is a great accomplishment but it can also be a stressful experience at times. Fortunately, renewing your mortgage provides you with plenty of opportunity to revisit your payments and make any adjustments on your mortgage as necessary. Here are a few ways a lawyer can help when it comes to your mortgage renewal:
- Shorten the length of time the renewal process takes.
- Review your mortgage loan, including its terms and conditions to ensure they are fair and legal.
- Help you renegotiate the terms of your contract such as the length of your next term, interest rate and even your lender.
- Facilitate the financial transaction between you and your lender.
If you need to renew your mortgage, reach out to the team of real estate lawyers at Simard & Associates. We can help you better understand what the mortgage renewal process entails and make sure you’re well prepared for it. Our goal is to provide assistance every step of the way, so you can be confident about the choices you make when it comes to your mortgage.
For more information about the mortgage renewal process, get in touch with our team at Simard and Associates by calling 613-446-5060 or submit a form online.