Understanding Your Mortgage Renewal Options
As your mortgage renewal date approaches, do not let a lack of information be the reason you renew into a mortgage that doesn't meet your current needs. Though the majority of approved lenders send out mortgage renewal notices to their clients, more than 70 per cent will simply complete the form, sign it, and send it back; no questions asked. Lenders are counting on the fact that most homeowners are too busy to inquire into securing a better mortgage rate. Don't let this happen to you.
Remember when you applied for your first mortgage? You asked questions, did research, talked to a mortgage broker, and found the best mortgage rates and options. Why should the renewal process be any different? Interest rates are at an all time low. Take advantage of the current market and get a better mortgage rate that could save you substantially in the long run. Many lenders offer no cost or low cost switches to better rate options.
Renewing or switching your mortgage means, essentially, a fresh start. The process will involve closing out your existing mortgage and taking out a new one at a lower rate with a lower principal amount. This is the perfect opportunity to re-assess your needs and find a mortgage that suits these.
Rules regarding mortgage switching may vary provincially, and the legalities involved will need to be made clear to you. Consult a professional mortgage broker who can clearly explain the renewal process and access a vast network of lenders to find you the right mortgage at the right rate for your renewal. Complete your Mortgage Renewal Application and begin the process today.