What are my best options when my mortgage is up for renewal?
Change is a fact of life. Thus, it’s a good idea to consider your mortgage options when your mortgage is up for renewal. Chances are your home, finances or family situation–maybe even your job or your goal–have changed since you originally applied for your existing mortgage.
So why not find out whether your current mortgage rate and mortgage terms are the best you can do? You may want to switch lenders when your mortgage matures. You can make the most of your newfound freedom with a mortgage broker like me.
Switching Lenders at Mortgage Maturity
Your mortgage renewal allows you to change the terms of your mortgage. You can renegotiate everything related to your mortgage, including your amortization, interest rate and loan term, without incurring any fees. You can also use this opportunity to incorporate existing debts into your new mortgage to simplify your repayments, pay less interest, or increase available equity for large projects and new investments.
While many homeowners make changes to their mortgages upon renewal, a surprising number of homeowners stick with the same lender and many others fail to negotiate new terms at all. This is surprising considering the amount of money you can save when you shop your business to multiple lenders. However, it is less surprising when you consider just how bewildering the Canadian mortgage market is for most homeowners.
How Can a Mortgage Broker Help Me?
It is a very good idea to work with a mortgage broker service in the months leading up to your mortgage renewal. Mortgage brokers have the resources and contacts to find you the best mortgage renewal quote. They can help you adopt the best long-term financial strategy. With close counselling throughout the process, you can be sure that your financial interests and requirements are always met. A mortgage broker like me can help make the complex and diverse world of mortgages easy to understand. I can give you the resources to come out on top.
If you don’t look into your mortgage renewal options, you could be losing out on hundreds, even thousands of dollars. The renewal period is the perfect time to assess your needs and secure those all-important savings with an accredited mortgage broker who is on your side and has your best interests at heart.
Don’t miss the many opportunities available to you at renewal – contact me, an expert mortgage broker and see how you can improve your finances and get into the best possible position for your future.