When the term on your mortgage expires it is time to renew your mortgage.
At this time you will be able to re-negotiate your interest rate based on current market conditions. The bank or financial institution you are currently with will likely offer you a renewal. DON’T TAKE THE FIRST OFFER! It is estimated that over 65% of Canadians simply re-sign their mortgage with the same lender at renewal time. The rate and terms offered are rarely questioned as most people choose to avoid the hassle of renegotiating. Lenders know this and therefore won’t offer the lowest rate or best terms available. A mortgage is typically the largest expense you will ever have and making this mistake will cost you thousands!
Remember that you do not have to renew with the same lender and should always consult with your mortgage broker prior to accepting any offer. In doing this you will ensure yourself the most competitive rate and terms at renewal time.
It is also possible to renew your mortgage early. You may opt to renew early if the current interest rates are much lower than your existing interest rate. There can be drawbacks to renewing your mortgage early such as payout fees, but these fees are often far less than the money you will save at the new lower interest rate.
If you are not sure if it makes sense to renew early, Contact us and we will be glad to run the numbers for you.
It is always wise to get pre-approved 4 months before your renewal date. This will allow you to hold a rate (see Rate Holds/Rate Lock) and ensure the most competitive rate and term leading up to your date of renewal. If you arranged your mortgage with Halton Mortgage Global, we will be sure to contact you 4 months in advance and help you make the right decisions.
To renew your mortgage Apply Here.
Quantity of assets and mediocre credit are of no concern to us, and they shouldn’t be to you either. Just sit back and relax and let your friendly neighbourhood Halton Mortgage Broker help you through the entire home-buying process. We will handle your rate negotiations and all the paperwork to leave you with as little to worry about as possible. So have no fear, you can become a homeowner in no time….
In such a large industry, homebuyers can experience complex issues when it comes to mortgage a home. Without access to mortgage industry resources and expertise, you might make bad decisions and put your financial future at risk. Hiring an experienced, professional Halton Mortgage Broker, eliminate the risks and help you to locate and secure the best mortgage solutions to match your needs.
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