If you want to shorten or lengthen the amortization period of your loan, you can do so when renewing your mortgage. Yes, a shorter amortization period means you’ll be paying more every week or month. But you’ve got a good chance of getting a better interest rate, and you’ll definitely be paying off your mortgage much faster.

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In simple perspectives, home buyers are free to change their mortgage companies at any point before the service begins. Although it gets a little more complicated when the mortgage servicing or repayment begins, Canadian borrowers can still switch mortgage lenders if perhaps you were able to shop around for lower interest rate lenders. Also, once your mortgage term is up, you can decide to transfer your mortgage to another bank with lower rates. This is done by first enquiring from your current lender about the cost of moving the mortgage to another bank. Because a mortgage is a binding contract, you may also need to pay your current lender if you want to do a mortgage transfer to another bank prematurely.