Mortgage Renewal
Renewing your mortgage can be straight forward, but sometimes the first thought on how to do it isn't the best. Many borrowers go straight back to their current lender at whatever rate they offer. Let's explore the best ways to renew your mortgage.
Mortgage Renewal Overview
Your mortgage renewal sneaks up when the term of your mortgage is close to maturing.
It's likely that your life and the economy have shifted since you last signed your mortgage agreement - what worked for you before may not serve you any longer.
Your mortgage renewal can be a great opportunity to match your mortgage more accurately with your lifestyle and goals.
Maybe you'd like to shift whether you have a fixed or variable rate, or you'd like more flexibility for pre-payment privileges.
As a trusted licensed mortgage broker, I've helped many borrowers (just like you) renew their mortgages into optimal, competitive deals.
"How Do I Know When It’s Time To Renew?"
If your mortgage is provided through a bank (or another federally regulated institution), by law the lender must provide you with a renewal statement, or a document stating that the lender has decided they won’t renew your mortgage. This document must be submitted to you atleast 21 days before your original mortgage term ends.
In their statement the lender must include the:
- Term
- Payment frequency
- Interest rate
- Applicable fees/charges
- Remaining principal/balance at the time of renewal
- Payment frequency
Aspects To Consider When It’s Almost Time To Renew
Just because your mortgage is up for renewal does not mean that you are required to renew your mortgage with your current lender. It is important to stay up-to-date with the current market and ensure that you’re happy whatever future arrangement you agree to. Getting stuck in a ‘bad deal’ doesn’t provide you with the comfort of owning a property that you were hoping for.
A licensed mortgage broker can help you to make favorable mortgage decisions and assist you in this process by:
- Assessing your income and helping you refinance or obtain a mortgage that can paid off faster at lower monthly installments
- Comparing the pros and cons of a fixed vs. variable rate and offering an informed opinion on what will benefit your unique situation the most
- Confidentially accessing your credit report and providing advice to you that will help you maintain or reach a high credit score so that quality options present themselves for. future renewals
- Analyzing other high-interest debts you owe and helping you set up a Home Equity Line Of Credit (HELOC) to consolidate them if necessary
- Negotiate a better fixed rate or variable rate than what’s offered by the banks
- Comparing the pros and cons of a fixed vs. variable rate and offering an informed opinion on what will benefit your unique situation the most
If you decide to switch lenders, there may be costs involved. These costs can include (but aren’t limited to):
- Property appraisal fees
- Administration/legal fees
- Transfer, registration, discharge fees
- Mortgage loan insurance premiums
A Licensed Mortgage Broker For The Best Renewal
As with anything in life, being prepared for the future is rewarding. This goes hand-in-hand for you mortgage renewal as well.
Rather than wait for your renewal statement to be provided by your lender, get a head start connect with a licensed mortgage broker (such as myself) to explore your options!
Having a licensed mortgage broker on your side helps to alleviate the stress of a mortgage renewal by providing you with desirable and competitive mortgage solutions.
When it’s almost time to renew your mortgage, don’t hesitate to reach out to myself, Kyle Benzies (licensed mortgage broker) to secure a fantastic renewal.
I'd love to use my experience and expertise within the mortgage industry to secure a mortgage renewal you'll LOVE.
To discuss your mortgage renewal options, give me a no-risk phone call!
***other conditions may apply to anything listed above. The information provided on this page should NOT be implicitly relied upon, and may not be 100% up to date. It's best to contact us for the most current conditions/program offerings for first time buyers***