GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Renewal


Synonyms:continuation, recommencement, recommitment, renewal letter, resumption
Filed Under: financial-banking, mortgages
Tags: banking, mortgage
 

Definition of renewal

renewal
1. Extending an unpaid loan with the original lender when the terms of the loan expire.

Related Terms and Acronyms:

  • acceptance   A property seller's formal, written approval of a buyer's offer.
  • contract   An agreement between two or more parties that can be enforced by law.
  • insurance (insur)   An arrangement where one party provides financial protection to another party for specific damages or losses.
  • loan origination   The process of applying for a loan and the handling of that application by a lender.
  • mortgage renewal   A renewal as it pertains to the mortgage industry is defined as having an existing mortgage term end and signing a new term to continue.
  • renewal   Signing on again with the same lender once a term is up.
  • x   A symbol used in contracts, or other legal documents, representing where a signature should appear.

Search the Glossary

The Greatest Mortgage Calculator
Some would say that you can't improve on perfection — we respectfully disagree. We feel our new mortgage calculator is the greatest we've ever made and the best on the internet. Try it today and compare different mortgage rates, terms and amortizations.
Greatest Mortgage Calculator
 
Who has the Best Mortgage Rate?
There are well over a hundred mortgage lenders in Canada competing for your business. Wouldn't it be nice to know who's got the best mortgage rates in Canada? Whether you want flexibility or rock-bottom rates, we will make sure you get what you need.
Canadian Mortgage Rates
 
Starts with a Pre-approval
Unsure how to begin the home buying process? Get started with a mortgage pre-approval. There is no obligation to buy, it's free, and it will help you find out exactly how much you can afford. With a pre-approval, you are guaranteed the best rate available from within a 120 day span, so when you find your home, you will have the most options available.
Home Mortgage Pre-approval