Penalties for Early Mortgage Renewals in Ontario.

Renewing your mortgage early might sound appealing, especially if you’re worried about rising rates, but it’s important to consider potential penalties. Some lenders charge fees for early renewal, which could offset any savings from a lower interest rate. However, in many cases, the long-term benefits of securing a better rate may outweigh the costs—especially in an environment where rates are expected to increase.

If you’re thinking about renewing early, I can help you calculate the potential costs and savings. Together, we’ll review your lender’s terms and find out if an early renewal is the right financial move. Mortgages Made Simple is here to make sure you’re getting the best possible deal without surprises.

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