Although you have plenty of time between when you obtain your mortgage and when it is time to renew, it can still be surprising just how quickly that time seems to pass.
As a Kitchener mortgage broker, I want you to be prepared for this step in the mortgage process so that you feel confident making decisions when it comes time to sign your mortgage renewal.
One of the most important tips I have when it comes to renewing your mortgage is to plan ahead. Set yourself a reminder for at least six months prior to your renewal date. This will give you ample time to research your options and contact a trusted professional.
Research and professional help can absolutely make the difference between spending more or saving more on your mortgage following your renewal. Most people are under the impression that mortgage rates are the only thing they should be concerned about when it comes time to renew their mortgage. There are actually quite a few aspects other than rates that you should consider, and even so, the lowest rate may not always be the best rate for your situation.
You should also consider:
- Different lenders
- Interest rate discounts
- Terms and monthly payment amounts
- Switching between adjustable and fixed rates
Don’t try to figure out the best options for your mortgage renewal on your own!
With access to several reputable lenders and the guaranteed lowest rates, I can shop your mortgage around to find you the very best financing options before you sign off on your mortgage renewal.
I will help you find out whether it is best to stay with your current lender and whether you should take the lowest rate or hold out for better options. I can also help you review your mortgage contract to make sure there is nothing that was missed or that your lender is trying to sneak in.
Give me a call today so we can plan the best strategy for your situation before you renew your mortgage.
Source: https://globalnews.ca/news/1130403/5-things-to-know-about-renewing-your-mortgage/
