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The Mortgage Group Articles
Mortgage renewal is the process of renegotiating the terms of your existing mortgage with your lender before it expires. This typically happens every 5 years and gives homeowners the opportunity to review their current mortgage and explore new options to potentially save money or change the terms of their mortgage.
Mortgage refinancing is the process of replacing an existing mortgage with a new one, typically with better terms and conditions. It allows homeowners to take advantage of lower interest rates, change the loan term, or convert from an adjustable/variable rate mortgage to a fixed-rate mortgage.
Prequalification is an important step in the homebuying process that can help first-time home buyers understand their budget and purchase power before starting the search for their dream home. It is an assessment of a buyer's ability to afford a mortgage and it is usually done by a lender or a mortgage broker.
Homeownership is often considered a cornerstone of the American Dream, and Canada is no different. Owning a home is a major milestone and a significant investment, one that can provide a sense of stability, security, and pride. But for many first-time home buyers, the process can be daunting and overwhelming. High housing prices, strict lending criteria, and a lack of savings can make it difficult to achieve the dream of homeownership.