When it’s time to renew – Contacting your Mortgage Professional is Essential!

As your mortgage renewal date approaches, it's tempting to simply sign the documents and move on with your life. However, savvy homeowners know that taking the time to review their options and consult with a mortgage broker can lead to significant benefits. Here's why you should talk to your broker before signing your mortgage renewal:

Avoid Paying Thousands for Convenience – Maximize your Savings

Many homeowners accept their lender's renewal offer without negotiation, assuming it's the easiest option. However, this convenience can come at a steep cost. Lenders often present initial renewal offers with higher interest rates, banking on the assumption that borrowers will accept without question.

Consider this: a mere two percent difference in interest rates on a mortgage of $500,000 can result in an extra $48,783.60 in interest payments over five years. A brief conversation with your mortgage professional could potentially save you this substantial amount.

Simply put, your time is valuable, but a quick conversation with a broker can save you thousands!

What if there was a Better Mortgage Product for your Current Situation?

The mortgage market is dynamic, with lenders constantly introducing innovative products to meet specific circumstances. Whether you're a first-time homebuyer, on maternity leave, or going through a major life change, there may be mortgage products better suited to your current situation than what you initially secured.

Renewal time provides an excellent opportunity to reassess your mortgage needs and align them with your current circumstances and future goals. Your mortgage broker is your guide in navigating the ever-changing landscape of mortgage products and interest rates. Leverage their expertise to ensure you're getting the most suitable mortgage product for your needs.

Tap into your Homes Equity (Penalty-Free)

Your home equity can be a valuable asset that opens up various financial opportunities. Whether you're looking to consolidate debt, invest in rental properties, or undertake home renovations, accessing your equity can help you achieve your goals. The beauty of renewal time is that you can access your home equity without incurring any payout penalties or fees typically associated with breaking your mortgage.

Consulting your mortgage broker well in advance of your renewal date allows you to explore these options thoroughly. By reaching out 120 days before your renewal, you give your broker ample time to assess your situation, explore potential strategies, and guide you through the process of leveraging your home equity effectively.

Switching for a Better Offer

Furthermore, if you're considering switching lenders to save money in the long run, an experienced mortgage broker can guide you through the process. They can identify lenders willing to cover switching costs and help you secure a lower interest rate, potentially allowing you to pay off your mortgage faster.

Some mortgages even offer early renewal options, allowing you to lock in favorable interest rates before your renewal date. Additionally, certain renewals may offer prepayment breaks, enabling you to make lump sum payments to the principal without incurring charges.

Support Beyond the Renewal

Even after your renewal is signed and finalized, the significance of a mortgage broker doesn't fade. They continue to serve as your primary source for mortgage guidance, financial planning, and market expertise. Whether you're considering property investments, exploring refinancing possibilities, or seeking advice on mortgage-related matters, your broker is readily available. Think of them as a lifelong financial advisor, providing valuable insights and assistance as you navigate the complexities of homeownership and beyond.

In conclusion, the mortgage landscape is vast and ever-changing, but your broker is your trusted guide. They continuously scout the market for opportunities that align with your goals, ensuring you're not missing out on better terms or benefits. Think of them as your personal shopper for your finances, bringing you the best the market has to offer without you having to lift a finger.

We understand the importance of maximizing the opportunities of your mortgage renewal. Whether you're our client or not, we're here to review your renewal offer and ensure you're getting the most out of your renewal. Don't let your mortgage renewal pass by unnoticed—contact our office today to schedule a free consultation and make the most of your renewal opportunity.

Malik Yar
Mortgage Agent Level 2
Sunlite Mortgage Lic#13304
289-828-0558
1-877-38LOANS x 426
malik.yar@sunlitemortgage.ca
www.sunlitemortgage.ca/malik-yar