Mortgage Renewals

While renewing your mortgage, you are in a much stronger financial  position then you were when you first signed. Your home equity grows  over a period of time and by decreasing your principal loan balance, you  are in a good position to negotiate. However, many prefer to just sign  their existing agent’s mortgage renewal form without trying to get a  good deal on the new mortgage. This results in a higher rate and a  mortgage package that does not cater to your individual needs. 

 With every mortgage renewal comes the opportunity to reflect and assess  your mortgage needs. Whether your term is 6 months or 10 years, if you  qualify, your lender will mail your mortgage renewal agreement 30 days  prior to maturity. At this time contact a mortgage broker to discuss  your renewal options. 

 Follow these simple steps to make sure you secure the mortgage renewal that’s right for you: 

1. Start early
Did  you know that you can renew your mortgage as early as 120 days in  advance? As a valued mortgage customer, you may be eligible for the  early renewal offer. This offer allows you to lock your mortgage in at  current rates and renew early without paying a prepayment charge, if you  select a closed mortgage product with a term of 3 years or more.

2. Consult a mortgage agent
They’ll make sure you have the latest product and mortgage information to help you make a final decision.

3. Renew at maturity
 Many people wait for their mortgage to reach maturity before thinking  about their mortgage renewal. If this is the case for you, we will offer  you the lowest rate within the last 30 days of your mortgage term if  you choose a fixed rate mortgage. This way if rates increase you are  protected during the mortgage renewal process.

If  your mortgage is up for renewal, it’s a great time to talk to your  agent to find out your options. You will not have to pay legal fees to  simply move your mortgage to another lender. The new lender will cover  the cost of the doing the legal paperwork for you.

There  are other benefits to an upcoming mortgage renewal. A few small changes  to your mortgage can have a big impact on your finances or the length  of your mortgage repayment period. You never want to set up your  mortgage, leave it for the entire term, and blindly renew your mortgage  because you got the renewal letter in the mail. Your mortgage is a huge  debt and should be managed well, so you can reduce it as fast as  possible.