If your mortgage renewal is coming up, it’s time to look at the options and rates that could keep thousands in your pocket. Lenders are tactical- they send out “you’d better hurry!” renewal reminders prior to renewal dates. Who wants the hassle, right? That’s why 70% of homeowners send renew without asking any questions!
That might be the easier route, but it sure isn’t the best one.
Ask yourself some questions about your finances before you sign on the dotted line. Better yet, ask us! An independent mortgage professional can sit with you for 20 minutes and then crunch the numbers.
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’re reconsidering a cottage or vacation property. Are you confident you will get the best rate at renewal?
The worst thing that could happen is that you go back to your lender. The best thing could be a much friendlier, more flexible and lower monthly payment.
Having multiple lenders compete for your business is a great way to ensure you get the best rate for your situation. I deal with multiple lending institutions, including major banks, credit unions, trusts and other national and regional lenders, which means significant negotiating power behind finding the best mortgage to fit your specific situation.