Is your current mortgage up for renewal, contact us today for best rates!
When it comes to your mortgage renewal, the sooner you start looking at your options, the better. While your current lender will only send out renewal papers 30 – 60 days prior to closing, a mortgage agent can start booking rates a full 120 days prior to the renewal date. That means you get a guarantee of the best rate within 4 months of renewal while still getting the benefit of any rate decreases! Statistics show that far too any Canadians simply sign and send their renewal papers back without questioning the rate or reviewing their options. A mortgage renewal is the perfect time to:
- Review any outside debts worth consolidating at a better rate.
- Optimize your mortgage by changing your amortization & payment frequency.
- Consider the need to use home equity for investments, a cottage or rental property.
- Review your long-term financial goals to evaluate if the home equity can achieve the goals.
- Consider how long you plan to live in your current home and significant events coming up to evaluate their impact on what type of mortgage may be best.
The bottom line is that at renewal time your mortgage is fully open to take some time to consider any options that you may have been considering. It is the perfect time to take to ensure you are making the best long-term choices with your mortgage while also getting the best deal before signing.