Are There Pitfalls to the "Early Mortgage Renewal"?

 Lenders have a book of tricks to keep you tied to them for as long as possible. One of their strategies is the “early mortgage renewal.” The Globe & Mail highlights six excellent points to consider when considering an early mortgage renewal.

1. Consider ALL switching costs and savings
2. Consider the risk of rising rates
3. Don't overestimate the risk of rising rates
4. Factor in the hassle element
5. Shop around (or use a mortgage broker!)
6. Don't succumb to pressure tactics

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