I need advice on mortgage renewals. I have a mortgage with twenty year period. I have been paying it for almost five years now. I recently came to know that there is a mortgage renewal process every five of the period. I read more about this and found out that I can renegotiate my terms during this process.
But still, I don't know more about this. And I have some doubts about this? Who do I have to approach to do mortgage renewal?. Will my current mortgage broker be able to do this?. I have found a mortgage specialist in Edmonton who claims to be able to do this here. Would any given mortgage specialist be able to help me? Also, will I be able to make a significant change in the terms by this?. Please advise. Any help on this would be appreciated.