Amend or renew a mortgage on a residential property in Canada with this Mortgage Amending or Renewal Agreement.
Any changes to the mortgage, and any renewal of the mortgage, must be done in writing and signed by both parties. The mortgagor (borrower) and mortgagee (lender) agree to renew the mortgage and amend the following provisions of the original loan:
- the term of the renewal period,
- the adjusted interest rate,
- the adjusted payment amount,
- the payment frequency (monthly, weekly, bi-monthly).
Make sure you've got your documentation in order with this Mortgage Amending or Renewal Agreement for residential property in Canada. NOTE: This is not a bank form. Each commercial lender has its own forms. This form is for privately placed mortgages.
Last Updated: 09-March-2021