5 Things to Know if Your Mortgage Renews in 2023

Vancouver, Toronto, Calgary

2022/11/30

Here are 5 things to know if your mortgage renews in 2023: 1. Higher interest rates could drive payments up significantly 2. You may hit your trigger rate before you renew If interest rates continue to rise, your monthly payments may not even cover the interest you owe. In this case, your lender contact you and present a few options: Increase your payments Make a prepayment Switch to a fixed-rate mortgage 3. No re-qualifying unless you change lenders If you decide to switch lenders, you’ll need to re-qualify as a borrower, which includes passing the mortgage stress test.