Renew or Refinance Your Mortgage with Confidence

Renewing or refinancing your mortgage can help you save money, reduce debt, or make significant life changes, like renovating your home or consolidating loans.

Applying won’t affect your credit score

Tailored Solutions to Fit Your Changing Financial Needs

As your mortgage term comes to an end, it’s important to explore your options for renewal or refinancing. Whether you’re looking to adjust your monthly payments, access equity, or secure a better rate, The Source offers flexible solutions that help you achieve your financial goals.

Expert Support for Current Homeowners

Professional Help

Strengthen your home-buying power

Mortgage Rates

Competitive flexible options

Dedicated Service

Support along the whole way

When to Consider Refinancing or Renewing

Timing Is Key to Maximizing Savings

Knowing when to renew or refinance your mortgage can make a significant difference. Consider these factors:

  • Interest Rates: If interest rates have decreased, it might be the perfect time to refinance to a lower rate.

  • Home Value Increase: If your home has appreciated in value, refinancing can help you tap into that equity.

  • Financial Changes: If your financial situation has improved or worsened, renewing or refinancing might help you adjust your payments accordingly.

Our experts can help you determine the best time to renew or refinance based on current market conditions and your financial situation.

Curious About Mortgage Rates?

We help you assess your budget, risk tolerance, and financial goals to choose the best mortgage rate for your needs.

Renew & Refinance FAQ

  • Renewing your mortgage means signing a new term with your current lender when your existing term expires. The loan amount and lender remain the same.
    Refinancing involves replacing your current mortgage with a new one—either with your existing lender or a new one—often to access better rates or borrow additional funds.

  • You might refinance to:

    • Lower your interest rate and reduce monthly payments

    • Access home equity for renovations, investments, or debt consolidation

    • Change your mortgage type (e.g., from variable to fixed)

    • Extend or shorten the term for better financial flexibility

  • Yes! When your mortgage term ends, you’re free to shop around for better rates or terms. A mortgage broker can help compare options and handle the transition.

  • If you refinance before your term ends, you may face a prepayment penalty. This varies by lender but typically equals three months’ interest (for variable-rate mortgages) or an Interest Rate Differential (IRD) fee (for fixed-rate mortgages).

Start Your Renewal or Refinance Journey Today

Refinancing or renewing your mortgage is an opportunity to improve your financial situation, whether you’re lowering your payments, accessing equity, or changing terms.

At The Source, we offer:

  • Competitive rates for renewal and refinancing.

  • Expert advice to find the best mortgage solution for your needs.

  • Fast and easy application processes. Start today by connecting with one of our mortgage specialists.

What our customers say about us

  • "The Source helped me secure the funds I needed quickly and easily. The process was straightforward, and their team was fantastic to work with!"

    Sarah L.

  • "I was nervous about applying for an unsecured loan, but The Source made it stress-free. They explained everything clearly and got me approved in no time!"

    Mark T.

  • "Thanks to The Source, I’ve consolidated my debt into one manageable payment. It’s such a relief to finally feel in control of my finances -thank you!"

    Emily R.

  • "The Source's credit help services were a lifesaver. They guided me through improving my credit score and qualifying for better loan options."

    James K.

  • "Getting a HELOC with The Source was a game-changer for our home renovations. The terms were great, and the funds were there when we needed them."

    Lisa M.

  • "I needed a second mortgage for some big expenses, and The Source delivered. Their team made the process smooth and hassle-free."

    Hirad W.

  • "When an emergency came up, The Source came through for me. Fast approval, great service, and peace of mind when I needed it most."

    Jessica P.

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