Mortgage Renewal

Mortgage renewals are one of the most neglected decisions made when your mortgage term is maturing. Many homeowners stay with their existing mortgage lender out of convenience, or believe the best offer comes from their existing bank. This is not the case.

What are your Financial Goals?

What financial goals you had at the beginning of your mortgage term may not be the same come time to renew. Not unlike phone companies, lenders do not give the best deals to existing clients and hope you will accept the convenience of simply resigning for the same mortgage whether it is still suitable or not.

Get the Most out of Your Mortgage Renewal

Take the stress out of “shopping around” and let me do the legwork to ensure you are still getting the best rate when renewing your mortgage.

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When you set up your mortgage, your contract is in effect for a certain period.  This period is your mortgage term and can range from a few months to five years or longer.  Once your mortgage term comes to an end, it is time to renew.  When you renew, the new mortgage will be based on the amount owing at that time.  At this time, you may want to reassess your financial situation, interest rates, and possible lenders.  I can help you determine the best option for your situation.

It is a good idea to talk to your mortgage broker a few months before the end of your term.  This will allow your broker to shop around and look for the best options for you.  You can also review your existing mortgage and identify anything you would like to change.

Too Early To Renew?

Some mortgages do offer an early renewal option, allowing you to lock in good interest rates before the maturity of your existing mortgage term. If that’s not the case for your mortgage I can work with you to find alternative solutions for your needs.