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Mortgage renewals in Ontario refer to the process of renewing or extending your mortgage loan when it reaches the end of its term. When your mortgage term is coming to an end, you will need to decide whether you want to renew your mortgage with your current lender or switch to a new lender.

If you choose to renew your mortgage with your current lender, you will typically be offered a new mortgage rate and terms based on current market conditions. You will need to review the terms of the new mortgage and decide whether you want to accept the offer or shop around for a better deal.

If you choose to switch to a new lender, you will need to go through the mortgage application process again, which may include providing documentation, undergoing a credit check, and paying closing costs. You may also need to pay a penalty for breaking your current mortgage contract early, known as a prepayment penalty.

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