Let's Help You Get a Better Rate!
Start shopping around a few months before the end of your mortgage term. Contact various lenders and mortgage brokers to check if there is a mortgage option with terms and conditions that better suit your needs. Don't wait until you receive the renewal letter from your lender. If your mortgage renewal is fast approaching then you’ll soon be at an important financial milestone. Now's a great time to look at the many innovative options and competitive rates available. Lenders send out renewal forms just prior to renewal dates to those with good payment histories, with about 70% of homeowners sending it back without asking any questions. In today’s hectic world, that can be the easiest and best route, but you should ask yourself some questions before you sign on the dotted line. This could be an important moment of opportunity. Maybe your mortgage needs have changed. This is the time to decide.
For example, you may want to consolidate high interest debt in with your mortgage or you may want to tap some of your home equity for a renovation project? Or maybe you reconsidering a cottage or vacation property. Are you confident you will get the best rate at renewal? Having multiple lenders compete for your business is a great way to ensure you get the best rate for your situation. We deal with multiple lending institutions, including major banks, credit unions, trusts and other national and regional lenders, which means we can put significant. Mortgage renewal process. A mortgage renewal is when your current term comes to an end and you sign on for a new term. Signing could hurt you. Most homeowners renew their mortgage with the same lender that holds their current mortgage.