The mortgage term is the length of your current mortgage loan. Once the term is up, you can renegotiate a new term and rate—or transfer your mortgage to National Bank, if you're with another financial institution.
Why wait until the end of your term to renew your mortgage? Lock in a fixed rate as soon as possible to protect against a potential rate increase.
There's no need to visit the branch—one of our advisors will call you so you can renegotiate your mortgage quickly and conveniently from the comfort of your home.
Renewing your mortgage is a great opportunity to review your finances. There might be options better suited to your needs.
For example, if you're now earning a higher salary, you could increase the amount of your monthly payments. If you're more comfortable with risk, you could opt for a variable rate over a fixed rate. If your budget allows, you might even consider repaying your mortgage in full, with no prepayment charge.
When it's time to renew your mortgage, you can convert a portion into an All-In-One™ line of credit. You'll benefit from one of the lowest rates on the market and be able to access the principal you've repaid.1
This means you don't need to reapply for financing every time you're facing a major expense like home renovations.
Are you wondering whether to extend your term or save on interest by increasing your payment frequency? Our experts are here to help. They can answer your questions and provide tailored advice over the phone to save you a trip to the branch.