The last day of the mortgage term is when the loan must be either paid in full or renewed. This date marks the end of the agreed-upon period for your current mortgage terms. If you cannot pay off the mortgage in full, you will need to negotiate a renewal with your lender, potentially with new terms and interest rates. It’s a crucial moment for planning your financial future and managing your mortgage obligations.

*The information provided is for educational purposes only and should not be considered legal advice. For specific legal concerns or questions related to your mortgage, it is always best to consult with a qualified legal professional.*

Mortgage Education

  • Total Debt Service Ratio (TDS)

    The percentage of gross income allocated for payments of principal, interest, taxes, and heat (P.I.T.H.), along with other debt obligations, [...]

  • Title Insurance

    Title insurance protects property owners and lenders from financial loss due to defects in the title of real property. These [...]

  • Mortgage Payment Deferrals

    Understanding Mortgage Payment Deferrals in Canada In times of financial hardship, homeowners may find it challenging to keep up with [...]

  • Optional Mortgage Insurance Products

    Understanding Optional Mortgage Insurance Products in Canada When it comes to securing a mortgage in Canada, one of the [...]

  • Understanding Mortgage Interest in Canada

    Navigating the world of mortgages can be complex, especially when it comes to understanding how interest rates impact your home [...]