Up For Renewal?
Tags: mortgage real estate
When it comes time to renew your mortgage, most lenders will send you a renewal letter when there is 3 to 6 months remaining on your term. While nearly 60% of borrowers simply sign and send back their renewal without ever shopping around for a more favourable interest rate, I would urge you to take a moment to check out your options.
Most standard mortgages are on a 5-year-term, and rates today are much higher than they were in 2018! Lenders also tend to provide higher rates on renewals versus new clients as typically the ease of renewal will prevent you from seeking out new rates. But, with my help, finding a better rate is not as difficult as it sounds - and it could end up saving you a couple hundred dollars a month!
Now is also the time to reassess if you need to access any equity for things like home renovations, paying off higher interest debt, helping the kids with a down payment to buy a house, and so on. Doing this at renewal time means there’s no penalty for “breaking” your mortgage as there would be if you did so in the middle of your mortgage term.
It may turn out that your lender is offering a great rate, in which case you can simply submit the renewal! However, I urge you to take this opportunity to contact me about finding a lower rate to ensure you aren’t missing out. As your trusted mortgage broker, I have access to dozens of lenders and hundreds of rates allowing me to narrow down the best options for you.
If your mortgage is coming up for renewal in the next 3 to 6 months, and you want to find out what lower rates may await you, contact me today! I can help you find the best option for where you are at in your life now and help you to ensure future financial success. I promise you will thank yourself for reaching out!