Renewing your Mortgage
Is the term of your mortgage almost up?
Since your term is ending, this is a great time to shop the market or redo your mortgage WITHOUT PENALTY!
Want to tap into your home’s equity in order to finance a large purchase or do you have the need to consolidate debt? Let us take away some of the financial stress to find a solution that suits your needs.
Nearly 60% of borrowers simply sign and send back their renewal that is first offered to them by their lender without ever shopping around for a more favourable interest rate.
Homeowners should never accept the first renewal rate offer from their existing lender. Without any negotiation, simply signing up for the market rate on a renewal could unnecessarily be costing the homeowner a lot of money on their mortgage.
Generally, it is a good idea to start shopping for a new term between four and six months before your current mortgage term expires. Many lenders send out your renewal letter very close to the time that your term expires, and this does not give you ample time to arrange for a mortgage term through a different lender. This means that you need to be tracking your own mortgage term timeframe and know when it is time to start shopping for a good mortgage renewal rate.
Your mortgage is one of your biggest expenses. For this reason, it is imperative to find the best interest rates and mortgage terms you possibly can. By shopping around at renewal time you can save substantial amounts of money over the life of your mortgage loan. Don’t be one of the 60% who just simply sign their renewal letter and send it back. Use the services of a True Life Mortgage Team professional to ensure the lenders compete for your business.
Lastly, it is worth a free no-obligation mortgage check-up, before you ever hear from your lender about renewing your mortgage term, have a licensed mortgage professional shop around for you, you will be amazed at what they can accomplish on your behalf!