Mortgage Renewal
Renewing your mortgage through a licensed mortgage broker often opens you up to more possibilities and deals regarding your mortgage. Why stick with a mortgage renewal agreement just because your lender offered it to you?
Connecting with a licensed mortgage broker (such as myself!) is a GREAT way to explore what incredible mortgage solutions await for your renewal.
When the term of your mortgage is about to mature, it's time to renew!
Your renewal date can be a great opportunity to adjust your mortgage into a way which better suites your lifestyle and goals.
It's recommended that you reach out to a licensed mortgage broker (such as myself!) months before your renewal date.
How come?
So that I can learn about your mortgage story, collect appropriate documents, and begin negotiating a fantastic renewal on your behalf!
Your Notice Of Renewal
Your lender should provide you with a 'notice of renewal' or 'renewal statement' atleast 21 days before your renewal date.
Your renewal statement will include:
- Interest rate
- Payment frequency
- Term
- Applicable fees/charges
- Remaining principal/balance at the time of renewal HOLD ON.
Accepting your lender's renewal offer doesn't necessarily put you in the best position regarding your mortgage. There are countless mortgage solutions to be explored (some through other lenders), and it may make sense to consider all available avenues first.
As a licensed mortgage broker, I'd be happy to 'shop around' on your behalf and fit you with an optimal mortgage renewal solution. - Payment frequency
Considerations For Your Mortgage Renewal
Has the economy changed? Has your job changed? Do you now have kids?
There are many factors about your renewal I'll assess as a licensed mortgage broker to make sure your best interests are put FIRST
- Has your income changed? It's possible we can increase your payment size so that you can pay off your mortgage quicker
- Depending on rates and rate forecasts, we may want to consider adjusting whether you're on a fixed rate or a variable rate
- Is your credit score in an optimal range? If not, I'll recommend you to learn about factors which influence your credit score and credit report
- Are you bogged down with bad debts over multiple lines of credit? A Home Equity Line of Credit (HELOC) may be a suitable solution for consolidating debts
- Depending on rates and rate forecasts, we may want to consider adjusting whether you're on a fixed rate or a variable rate
Transparency Regarding Switching Lenders
Your mortgage renewal may come with fantastic opportunities with a different lender - it's important that you're also aware of some of the potential costs involved with switching.
- Property appraisal fees.
- Administration/legal fees.
- Transfer, registration, discharge fees.
- Mortgage loan insurance premiums.
Your Mortgage Renewal Matters
Giving yourself and a licensed mortgage broker (such as myself!) ample time to prepare for your mortgage renewal is highly recommended.
Your mortgage requests deserve to be listened to attentively and acted upon where possible. If your current mortgage wasn't working for you, I'd be happy to learn about what needs to change so that we can fit you with a mortgage you'll love.
I'm Chantelle Benzies (licensed mortgage broker); I understand that your mortgage renewal can be an exciting or intimidating time depending on the economy and how your lifestyle has changed since you signed your mortgage agreement.
Being a licensed mortgage broker means that I work with most banks (not just one), that I get to negotiate better rates on your behalf, and that I have a fiduciary duty to put your best interests FIRST.
I don't work for the banks, I work for YOU. And I can't wait to see what an amazing mortgage renewal I can secure for you (it may even be through your same lender!)
***other conditions may apply to anything written in this article; the information provided on this page should NOT be implicitly relied upon, and may not be fully up to date. Contact us for the most current information***