You don’t need to wait until you receive the renewal letter from your lender, in fact it is most advantageous to be pro-active. A few months before the end of your current mortgage term, it is advisable to do some research to check if there is a better mortgage option with terms and conditions that suit your needs.
Taking an active approach to finding the mortgage that best meets your needs is a financially beneficial strategy. You can save money by shopping around and negotiating. You may qualify for a rate that is lower than the rate quoted in your renewal letter. Avoid having your current mortgage automatically renewed for another term, you may not end up with the best interest rate and conditions.
We can help you select the mortgage options that are right for you and your particular circumstances. Take charge of the process by working with a mortgage broker. We have access to many lenders and can help you easily navigate the mortgage renewal process.
Has your financial situation changed? An increase or decrease in income or expenses can affect your monthly budget. Evaluating your personal circumstances will help you establish your priorities when it comes to your mortgage needs.
What is the difference between a fixed and variable rate? Which terms are going to be the best for you? We can help you evaluate the options available to you and advise on the right course of action.
Let us walk you through the mortgage renewal process, get in touch with us to set up and appointment today!