5 Tips For A Smooth Mortgage Renewal

April 4, 2019 | Posted by: Harold Hagen


Here are 5 Helpful Tips For A Smooth Mortgage Renewal

1. Start Shopping 4 Months before your mortgage term is up.  

Mark your current mortgage maturity date on the calendar, then count back 120 days; this is the date most lenders will let you start the early mortgage renewal process.

2. Have your Financial Goals changed?

A lot can happen over time, including changes to your financial goals. Move? New baby? Job change? Consolidate debts? Time to Renovate? We can assist with creating a solid strategy to help you make the most of your upcoming Renewal.

3. Review your current Lender’s Renewal offer and send a copy to us.  

Save yourself time and have us shop the market on your behalf. We will advise on current market conditions and provide valuable advice to give you a real negotiating advantage

4. Negotiate, negotiate, always negotiate! 

If there are better options in the market, call your Lender and negotiate. NEVER accept their first offer! If they won’t compete on rate and terms, it’s time to change lenders. 

5. Time to make a Decision.

After completing the above steps, it’s time to make a decision. You can accept your current lender’s offer, or switch lenders to a more attractive option. Yes, it will require a requalifying process, but spending a little more time now can save you $1000’s in interest charges and penalties over the life of your mortgage.

Spending a little extra time prior to Renewal to find the BEST deal can save you $1000’s in unnecessary interest and penalty costs.

Give us a call today to discuss your next Mortgage renewal!

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