Renewing your mortgage
Review Your Options
As your mortgage renewal date approaches, it's a great opportunity to re-evaluate your financial plan and future goals. And it's an excellent time to explore your options. You don't have to stay with your existing lender. There is much to consider, like the time frame, plans you may have to modify or renovate your home and, of course, choosing the term and payment that best fits your budget. Let's look at the numbers together.
The Renewal Process
About six months out from your mortgage renewal your current lender will send you a renewal notice. You could just sign the renewal and continue with their conditions, but are you getting the best rate and mortgage? Let me do a quick review to ensure you are.
Your renewal date is a fresh start and if there’s another lender who can provide something that better suits your needs for the next term, I’ll find it. There is an assumption that you should just renew, but take the time to review all your options.
Renewing Early
Rates can be volatile in nature. If rates are about to rise, the media will speculate on what is going to happen giving us all a little warning. Even if those warnings don’t cross your path, I am here to check in and evaluate your current mortgage.
Depending on the type of mortgage you have, you may incur a penalty if you decide to break your mortgage early. However, in some cases when rates are about to go up, it can make sense to break the mortgage terms and secure the current rate.
Don’t take risks with your most valuable asset. If change is in the air, let me crunch the numbers, find you the right mortgage and make sure it’s the right financial fit for you.