If you still have an outstanding balance on your mortgage at the end of your mortgage term, you will have to renew for another term. By law, your lender has to send you a renewal notice 21 days before your term is up, but most allow you to renew with them anytime in the final 120 days of your current mortgage term without having to pay a penalty to break your term early; this is known as an early mortgage renewal. However, be sure to find out what’s available to you on the market before agreeing to an early renewal.
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