Over the next two years, almost half of all Canadian mortgages will come up for renewal. This is something that typically happens to most mortgage holders every five years or so.

When they receive their mortgage renewal letter, many homeowners simply accept the terms of their new mortgage contract or ignore the letter altogether, which effectively amounts to the same thing (with most lenders, if you do nothing after receiving your mortgage renewal letter, the terms laid out in it will become your new contract).

While it’s never a good idea to choose an automatic mortgage renewal, now more than ever it can pay huge dividends to look for better mortgage terms elsewhere. We explore the significant potential costs of an automatic mortgage renewal and why a mortgage strategy is a much better option during what some are calling the Canada mortgage renewal shock. 

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