What is Renewing?
Renewing is simply staying with your existing lender. Your lender will send you documents to sign along with an updated rate and payment amount. There is no need to requalify. It is the easiest, though not always best route.
What is Switching?
Every 5 years you can choose to switch your lender without incurring penalties. During a switch you are moving your loan from one lender to another. The main reasons to do this are to reduce your interest rate, or to move to a loan with better terms
Which Option Is Right For You?
Review you Mortgage For Free with a one-on-one consultation
Meet The Author
Josh Tagg started his career as a mortgage broker in 2006. During his award-winning career, he has helped thousands of individuals and families secure mortgages for their homes.
Owner, Mortgages For Less