Renewing your mortgage involves staying with your current lender for another term. It is an important financial decision that can have long-term implications. Additionally, you'll be able to negotiate your interest rate and term, and you won't need to re-apply. This said, avoiding common mistakes can help you secure the best terms and save money.

To help you avoid some basic errors that could prove costly, Tower Mortgage - Indi Mortgage Solutions, has put together a list of the most common mistakes to watch out for when renewing your mortgage.

1. Do I need all my gas receipts? Absolutely. I’ve found, the number one thing people tend not to realize is that logbooks and gas receipts must be kept in order to use their vehicle as a tax write off (deduction). Logbooks must have the date/km driven for the rental property and the total km driven in the year for all purposes. If you own only one rental property, you can only write off your vehicle costs when you have completed repairs/maintenance on the rental property. Unfortunately, CRA does not allow a per km, Diem, for rental/business income.

You love your home, but there is always something that could just be better. Each year, millions of Canadians upgrade and improve the houses they live in. Whether it is the kitchen, adding an extension, or making the bathroom a luxurious oasis, updating the place we spend the majority of our time can be very rewarding. The offset to the reward is the cost and how to pay for the improvements. You know what you want, but you don’t know how to finance it. Fear not! Here, I present some solutions on how your renovation vision can be achieved!

In my last VIP Club contest, the question posed to enter the contest was “What is your #1 question regarding your mortgage, credit, or the current housing market?”

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