3 TIPS FOR RENEWING YOUR MORTGAGE

3 TIPS FOR RENEWING YOUR MORTGAGE

Blog Content: Renewing your mortgage can be an advantageous financial position if you find a product to best match your goals. Following are tips to help you get the best from your mortgage renewal.

1- Shop around

Before trying to negotiate a lower rate with your bank, find out what other banks and lenders are offering. This is why a mortgage agent can be your greatest ally. With access to multiple lenders and a large network of financial products from which to choose, your mortgage agent can help you find the best option for your current financial needs and goals.

2- Interest rates

Although an important consideration, interest rates are not your only consideration. There are plenty of other factors that determine a good mortgage rate. Remember to factor in the amortization period, rate types (fixed rate or variable rate) and the flexibility of the payment schedule. These are all crucial factors in lowering the cost of your mortgage payments.

Our mortgage calculators are valuable tools that can assist you in comparing your options.

3- Start Early

What you definitely do not want to do is wait until the last minute (i.e., when your mortgage is actually up for renewal) to start shopping around for new terms. Give yourself a little time and start shopping around for a better rate a couple months before your mortgage is up for renewal. This way, you’ll have plenty of time to search for and compare different renewal options.

Speak with a mortgage agent today. We can help you find a great mortgage renewal option.