Do Early Mortgage Renewals Save or Cost You Money?
In a recent article in the Globe & Mail, which makes some valid points and good advice, it doesn't always pay to renew early with your current mortgage lender; especially if the rate they're offering is not that competitive. Some lenders & banks won't even let you hold the rate they're offering for an early renewal. They'll say either take it or risk the chance of that rate not being here tomorrow. Of course, the only time you would really need to worry about that is if we're in an environment where rates are going up rapidly.