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Renewing vs. Refinancing
When it comes to mortgages, renewing and refinancing serve different purposes. Renewing your mortgage means your mortgage term is coming due and you need to negotiate a new term and interest rate for your existing mortgage. Refinancing means you’re looking to replace your existing mortgage with a new one.
Step 1
Assess your finances
Use our budget calculator to see what you may be comfortable spending on a mortgage payment each month.
Evaluate if you can afford higher payments or need smaller monthly payments. The type of mortgage you pick, along with the interest rate and term length, will affect your payment amounts.
If not already with Conexus, consider transferring your mortgage. Our Mortgage Switch Program can help cover some of the transfer fee costs.
Step 2
Choose your terms
Contact one of our Financial advisors to start the renewal conversation.
Discuss if you want the same mortgage product you had previously, or if you want a new one (e.g., choosing a fixed or variable mortgage, an open or closed mortgage, etc.).
Discuss current interest rates. Be mindful that interest rates do change and may be lower or higher than your previous rate, which in turn could decrease or increase your new payment amounts.
Choose your payment schedule.
Step 3
Review and sign your new mortgage contract
Work with your Mobile Mortgage Specialist or a Financial advisor on your new mortgage contract.
Sign the new mortgage contract with details agreed upon.
Have questions? That’s what we’re here for!
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Have questions about which mortgage option is most suitable for you?
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Ready to start your homeownership journey? Fill out this form and one of our Mobile Mortgage Specialists or Financial advisors will be in touch shortly.