With nearly 20 years of experience in the mortgage and residential real estate industries, Vancouver-based Liz Clay offers clients the benefit of a broad range of expertise and capabilities. In the real estate and property management industries, Liz Clay founded Greenwood Mortgage, Design2Sell, Emerge Realty Corporation, and Design4Love.
Many people purchase their homes with term mortgages that guarantee interest rates and payments for pre-determined periods of time. This type of mortgage allows buyers to review their financial commitments and economic situations before renewing their existing agreements or selecting new loan programs. Canada law requires lenders to provide borrowers with advance notice of the expiration of their mortgage agreements at least three weeks before the conclusion of the terms, but it makes sense for borrowers to spend some time investigating their options in advance of this notification.
Although most mortgages include instant renewals that carry the debt forward if the borrower takes no action to change it, new and more advantageous loan offerings tend to be made available on a regular basis. In addition, people with excellent credit and mortgage payment records often receive loan proposals that reduce their cost of borrowing and their overall payment requirements. Some lenders also permit borrowers to change their payment schedules and frequency.