When it’s time to renew your mortgage, contact the team at Mortgages of Canada before going through the mortgage renewal process with your lender. Our team of experts will walk you through your available options and find a mortgage that fits your needs. With customized solutions and access to great low rates, switching your mortgage can potentially save you thousands of dollars and help you become mortgage free sooner.
Here Are Some Steps to Consider When Renewing Your Mortgage
1) Start Early – Don’t wait until you receive your mortgage renewal letter from your lender. A few months before the end of your mortgage term, contact various lenders and mortgage brokers to check if there is a better mortgage option with terms and conditions that suit your needs.
2) Use Your Research – Shopping around and negotiating with your current mortgage lender will save you money. You may qualify for a discounted interest rate that is lower than the rate quoted in your mortgage renewal letter.
3) Never Accept the Posted Interest Rate – Always negotiate the posted interest rate. You may qualify for a discounted rate that is lower than the rate quoted in your mortgage renewal letter.
Switching Mortgage Lenders
If your current bank is not offering you the best options, you should consider switching mortgage lenders. You do not have to renew your mortgage with the same lender. Switching during the renewal period is a great time because you are not subjected to any penalties. Also moving your mortgage to another lender makes sense if they offer you terms and conditions that better suit your financial needs and goals.
To review your mortgage renewal options, contact the team at Mortgages of Canada. There is no obligation to apply so call today.