In short
You have three options when renewing your mortgage:
Refinance your mortgage
While this solution may initially appear attractive, it involves paying more interest over the long term since your repayment period will be extended. You must fully understand the terms and conditions before making such a decision.
Sell your property
If your debts are piling up every month and you’re having difficulty making your payments, selling your home and renting instead could allow you to start over.
File a consumer proposal
This alternative to bankruptcy allows you to settle your debts and also keep your home.