Switch/Renewal
When it’s time for your mortgage renewal, you have the option to either stay with your current lender and agree to the same terms and conditions at the offered or negotiated rate, or you can explore other options.
A mortgage broker can help negotiate the renewal terms if you don’t have the time or comfort level for it.
About six months out from your mortgage renewal your current lender will send you a renewal notice. As easy as it would be just to sign that notice and continue with the conditions, it’s important to ensure that you are getting the best rate and mortgage.
Your renewal date is a fresh start and if there’s another lender that’s able to provide something that better suits your needs for the next term, A mortgage broker can find it. There is an assumption that you should just renew, but take the time to review all your options.
Rates can be volatile in nature. Fortunately, if rates are about to rise the media loves to speculate on what is going to happen giving us all a little warning. Even if those warnings don’t cross your path, A mortgage broker is here to check in and evaluate your current mortgage.
Depending on the type of mortgage you have, you may incur a penalty if you decide to break your mortgage early. In some cases when rates are about to go up, it can make sense to break the mortgage terms and secure the current rate. It is mortgage brokers job to crunch the numbers, find you the right mortgage and make sure it’s financially worth it.
