As a homeowner, dealing with the paperwork when it comes to your initial real estate offer, your home insurance, and your mortgage are all tasks that we tend to push off until the last possible moment. When it comes to your mortgage specifically after signing off on your initial lender’s agreement it can be very convenient to simply let your mortgage auto-renew at the end of your mortgage term – And many homeowners do just that. However, between the time that your original mortgage was created and the time that your mortgage is set to renew, many things can change. Interest rates change, your personal needs and wants will change and if you let your mortgage auto-renew it could actually be costing you more than you know.
Better Mortgage Terms
That’s right! When you work with an experienced mortgage broker, you can trust that they will have the connections you need to get the best rate available with the best terms for your specific financial situation. The banks, on the other hand, have their own set rates and terms, and sometimes they aren’t willing to negotiate. Your mortgage broker is working for you, they do all the negotiating for you so that you don’t have to worry about it.
Simple, Easy & Straight-Forward Process
Your mortgage broker applies for mortgages every day and a knowledgeable broker will be able to answer all of your questions, they will let you know what to expect at every stage of applying and they will make time for you on your schedule. There’s often no need to take time off work to make an appointment and the meetings will be short, sweet and to the point.
Access To Home Equity
When your renewal comes around, it’s a great time to take a look at your current finances, your home equity, and your future goals to see if there are any opportunities to use your mortgage as leverage to achieve your goals. Depending on how long you have owned your home, you might be able to renew your mortgage for a higher amount to free up a little cash to make renovations, to help put your kids through college or even to be able to take that Caribbean vacation you’ve been waiting way too long for. Your mortgage broker will be able to look at all of your options as to what your opportunities are currently and can help you get the paperwork in order to make it happen.
Better Interest Rates
When it comes to interest rates, changes in interest rates over as little as two years can be astounding. Having your mortgage broker review your finances and then scour all of your lending options for the best rate is their most beneficial asset and they even do all the leg work for you. They will also be able to understand all of the fine print that comes along with the contract, to know if those rock-bottom rates are too good to be true. All you have to do is make the appointment and allow your broker the opportunity to save you money.
Access To More Options
As a home owner you likely know how a mortgage works, but what your broker knows is the effect that premiums, mortgage insurance, equity take-outs, mortgage industry trends and so much more have on the bigger picture. Working with a professional mortgage broker you’re not only going to get the best rates possible but you’re also going to have many choices that can make owning a home a true investment in your finances if you play your cards right. If you would like to explore your options before your mortgage renews, I would be happy to take a few moments to review your details with you. Together we can make a plan and discover where you could be saving long-term – Just give me a call at 705-315-0516 and we’ll set it up.