Renewal of a Mortgage
People are in confusion when to renew the mortgage!
Early renewal features typically let you lock in a new rate two to four months ahead of when your mortgage is due to mature.
By locking in earlier, you minimize the risk of adverse rate movements. But in return, you pay a premium to the best available rates, and you'll lose all benefit if rates drop before your term is up.
The benefit of renewing early depends largely on the rate you're offered. For example, you can find fully featured five-year fixed rates at 3.29 percent or less. If your lender is letting you lock in 90 days early for 3.39 percent – a mere 10 basis point premium – that's worth considering. On the other hand, if your lender were pitching a "one-time-only" opportunity to renew early at 3.59 percent or more, that warrants more scepticism.
So, before renewing a mortgage, make sure you get the best mortgage rate and never take a risk on your mortgage. Professionals could help you better in mortgage renewal process in Canada
( http://www.mortgagesmortgages.ca/mortgage-options/renewal/ ), as they have access to all the industry updates and rate updates.