When Can I Renew My Mortgage
Most first time home buyers and move up buyers spend a lot of time, and effort in shopping for a mortgage. When it’s time to renew their mortgage they are not as diligent. Most homeowners trust that their lender is offering the best mortgage renewal rate and therefore do not compare rates with other lenders.
As long as you have been making your mortgage payment throughout the term of your mortgage your current lender will offer to renew your mortgage. The rate they offer will depend on your repayment history and the information on your credit bureau prior to them sending you the mortgage renewal offer.
At the end of your mortgage term, you have three choices - renew, switch, or refinance your mortgage. With renewing and switching your mortgage to a different lender you are not taking additional funds, while with a refinance you are consolidating debt.Whichever option you are thinking of doing it's always a good idea to check with your Sunlite Mortgage agent. They could advise you if the mortgage renewal rate you are getting is the best as they get a daily update of interest rates from over 60 lenders and could compare for you. At this point you could renew or switch at no cost to you.
Mortgage Renewal Process
With with each mortgage renewal comes the opportunity to assess your current mortgage, and compare it to any new financial goals you may have. mortgage renewal. 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 the best mortgage rate. This could cost you thousand of dollars in additional interest payments as lenders don’t usually offer their lowest rate at renewal. Our free mortgage checkup can save you thousands as our system check to see which mortgage lender has the lowest rate and prepayment privileges that matches your credit.
Shoud I Renew or Switch My Mortgage
- Generally, start shopping for a new term up to 120 days before your mortgage matures. Many lenders send out your renewal letters close to the time that your term mature which might not give you enough time to shop for a mortgage term. Track your time frame, and know when it’s time to start searching for a good renewal rate. We could review your current mortgage to see what options are available to you. Taking your current financial and credit situation we could compare your offer with what other lenders would offer you and you then could make a decision that could save you tens of thousands of dollars by:
- Have a licensed mortgage broker shop around for you as many can get you even better rates than you would from your own bank.
- Along with other financial goals, you should make a list of what features you are looking for in your mortgage . Visit our calculators for financial options.
- The rate we provide you will protect you from any potential rate increases.
A mortgage is the largest financial decision many Canadians will make in their lifetime and t is imperative to find the best interest rates and mortgage terms available in the market.Let us help you save.