Homeowners put a great deal of effort into securing their first mortgage, but they don’t do the same when it’s time for renewal. A renewal is a great opportunity to renegotiate everything about your mortgage – with no penalties. Auto renewing your mortgage means potentially missing this opportunity and leaving hundreds of dollars each month on the table.
Tip: Do not go with the first renewal offer given by your current lender. Call us and at no cost to you, we’ll shop around for you and get you the best possible deal on your renewal.
Typically lenders send a notice to renew 4 to 6 months before your renewal date with a few terms and rate options. This is the time to evaluate your situation and look at all possible options such as lender, length, type of rates (fixed/variable) among others.
What do you want from your next mortgage term? For e.g., do you need to access your home's equity for any major expenses? Do you want to lower your payments? A renewal is an opportunity to evaluate your needs and get your mortgage to work for you.
A mortgage renewal is still a new mortgage. Therefore, just like when you got your original mortgage, lenders will look at your personal credit history, the value of your home and your income and employment situation. We can guide you through all these steps.
Biggest mistake would be to accept your current lender's first offer. You might be potentially leaving thousands of dollars of savings on the table if you do that. It's always better to at least have a free, no obligation conversation with us, so that we can show you better options.
We’re happy to answer any questions you might have. Please reach out using the form here, or using any of the options below.
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