According to a recent survey, most mortgage holders in Canada are choosing early renewals. The CMHC Mortgage Consumer Survey reported that 59% of mortgage renwers renewed before their scheduled date.
Among these, nearly two-thirds (61%) renewed within three months of the scheduled date while 15% renewed four to six months out and 10% renewed more than six months before schedule. [CMHC]
Further to those findings, 64% were totally satisfied with their decision to renew in advance of their actual renewal date. Most people stated that their main reason for renewing early was to avoid what they felt would be an increase in rates. In fact, 56% believed mortgage rates would increase if they didn’t renew early.
More information on this survey can be found on the CMHC website here, and you can always contact me if you’re considering early renewal as well.
*Photo from CMHC website
