Mortgage Renewal

At the time of mortgage renewal you have to decide whether to take a renewal option with your current mortgage holder or to switch lenders. There are benefits to switching your mortgage provider such as:

Obtaining A Lower Interest Rate: 

Often times at maturity your current mortgage provider will not offer you the lowest interest rate on the market. Switching lenders could potentially save you thousands depending on your mortgage amount and the difference in interest rate. 

Obtain Better Mortgage Terms:

Another reason to consider switching mortgage providers is to obtain better terms and conditions. For example, if you plan on paying off your mortgage faster it may be worth it to switch providers to a lender that will offer better prepayment options. This will allow you to save on interest costs, as well as any prepayment penalties. 

Some lenders will offer to pay for some or all of the fees associated with switching mortgage lenders. These can include an appraisal, and legal fees. At time of renewal it is a good idea to speak with a broker to see if you have an opportunity to save some money. 

Things To Consider At Mortgage Renewal:

The first thing to consider is if you will need money to consolidate debt. This is the best time to increase your mortgage since you will avoid prepayment penalties. The next thing to consider would be your income. If your income is to low to qualify then you will likely have to remain with your current lender. Lastly we would have to consider your credit. Depending on your credit score, your options might be limited. That does not mean we cannot help. Contact us today for a free consultation. 

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