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END OF YOUR MORTGAGES LIFE:
At the end of a mortgage term there are a few things you can do:
1. PAY IT – OFF
2. RENEW IT – continue with terms you have and reduce new term by number of
years already accrued
3. REFINANCE IT – is the same as renegotiating your existing mortgage.
Ending your mortgage with one lender and starting a new with another has
such significant costs attached that it is not always recommended for this
option
4. TRANSFER IT – larger lenders are making this option available and
provide incentives for you to move over to their institution, this
frees you from the obligation of being stuck with one bank for the
entire life of your mortgage
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