Instead of focusing solely on rates when you are shopping around for your mortgage renewal, the smarter thing to do is to review your mortgage needs and financial goals. After a period of time, when you have finally paid off part of your mortgage while building up your home equity, you should consider refinancing and gain access to the funds you need. It’s the perfect time to refinance in your mortgage renewal process since you are not breaking your mortgage term and thus won’t occur any penalty.
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