Mortgage Renewals

Congratulations on your maturing mortgage…now let me help you get a better rate!

Imagine you’re standing at a crossroads, with your mortgage renewal date on the horizon. This isn’t just any day on the calendar; it’s a gateway to exploring an array of new and enticing financing possibilities, each offering its own blend of benefits and rates. Typically, as this milestone approaches, lenders, acknowledging your diligent payment history, will extend a renewal offer your way. Yet, in the whirlwind of daily life, a staggering 70% of homeowners simply accept these initial proposals, opting for the path of least resistance. But what if you took a moment, a brief pause in the rush, to weigh your options with care?

This is where the story takes an exciting turn. By inviting a competitive landscape where multiple lenders vie for the honor of winning your mortgage, the potential to unearth a deal that not only meets but exceeds your expectations dramatically increases. My role in this narrative is akin to that of a guide, leading you through a vast network of financial institutions. This network isn’t limited to the familiar facades of major banks; it extends to credit unions, trusts, and both national and regional lenders, enriching the plot with diverse options.

With this extensive reach, I wield the power of negotiation, a tool to ensure that the final chapter of your mortgage renewal story is one of triumph. Together, we’ll navigate this journey, ensuring that the mortgage solution we lock in is not just a fit, but a perfect match for the unique contours of your life’s story.

YOUR GUIDE TO MORTGAGE RENEWALS

A mortgage renewal occurs at the end of your current mortgage term when you still owe a balance on your mortgage. At this time, you'll need to renew your mortgage for another term, allowing you to negotiate new terms and conditions, including interest rates and the duration of the next term.

It's wise to start considering your options 4 to 6 months before your current mortgage term ends. This period gives you ample time to explore the best rates and negotiate terms without feeling rushed or pressured into decisions that might not align with your financial goals.

Yes, you have the option to switch lenders if you find better rates or terms. However, it's important to assess any potential costs associated with transferring your mortgage, such as legal, appraisal, and possible penalty fees, to ensure the switch is financially beneficial.

When renewing your mortgage, consider factors such as interest rates, term length, flexibility of payment options, the possibility to make prepayments without penalties, and whether you require a fixed or variable rate. Evaluating your current financial situation and future goals can help guide your decision.

To secure the best rate at renewal, start by researching and comparing rates offered by various lenders well before your renewal date. Consider consulting with a mortgage broker, who can negotiate on your behalf and has access to rates from multiple lenders. Don't hesitate to negotiate with your current lender; armed with competitive offers, you may be able to leverage a better deal.