Mortgage Renewal
Victoria Mortgage Broker
So your mortgage is coming up for renewal and you're trying to decide whether you should just sign the renewal letter from your current bank or spend time looking into different options.
More often then not, a better option is out there but with life as busy as it is who has the time to call around to each bank to find the best interest rate?
This is where we can help.
With access to over 30 different AAA lenders including major banks, credit unions and premier mortgage investment corporations, we'll negotiate the best interest rate to help beat your banks best offer.
And the best part, hiring us as your independent mortgage advisor is a FREE service to you! So you have nothing to lose but savings!
BUT before we start looking for a better interest rate, there are some important questions we will want to answer to ensure you do not pick the wrong type of mortgage for your needs!
These questions include:
- Do you need to pull equity out for any reason?
- If you do, your mortgage renewal is the best time to do this o you can avoid future penalties
- Do you need to consolidate any consumer debt?
- If you have a car loan, lines of credit or credit card debt, it may be advantageous to use your mortgage to pay this off so you can save on interest and reduce your monthly expenses. Your mortgage renewal is the best time to do this to avoid penalties.
- Are you using your personal line of credit a lot?
- If so, it may be best to setup a home equity line of credit (HELOC) to reduce the overall interest you pay. You can also use this HELOC for emergency purposes or as a down payment on a second property!
- Do we plan on making large extra payments on your mortgage?
- If you are planning on making large extra payments on your mortgage, then we will want to consider the mortgage lender you choose. Some banks offer better prepayment options then others!
- Are we looking to make our payments for affordable or to pay the mortgage off sooner?
- If you are wanting to make your mortgage payment more affordable, then we could consider extending your amortization. Conversely, if we want to pay the mortgage off sooner and reduce the interest you pay, we will want to consider reducing your amortization!
FAQ Section:
Q: When is the best time to renew my mortgage?
A: Reach out to us 4 months before your mortgage renewal is coming due so we can get you rate hold before they go up. This will also allow time to do research and avoid making any quick decisions on the type of financing you need for your new mortgage.
Q: Are there any costs to changing lenders for my mortgage renewal?
A: It depends! It will depend on who that lender is and what if any changes you plan to make as part of your mortgage renewal. The fees you may incur are an appraisal fee, legal fees, or other administrative fees. If we are assisting you, this will be disclosed well in advance to making the switch.
If you need help with your mortgage renewal, hiring us as your independent mortgage advisor is a FREE service to you! AND the best part is we work for you, not the banks!
So you have nothing to lose but savings!
Looking for a better rate? Have questions? Click here to schedule mortgage chat