Is It Time to Renew Your Mortgage? Tips for a Successful Renewal

Is it time to renew your mortgage?

As your mortgage renewal approaches, don't just automatically renew with your current lender without exploring your options. While the convenience of staying with the same lender may be tempting, it's not always the best financial decision. Follow these steps to ensure you secure the best possible deal on your mortgage renewal.

Step 1... Partner with a mortgage broker: Mortgage brokers, often at no cost to you, can help save you thousands of dollars in fees and interest throughout your mortgage term.

Top tips for mortgage renewal success:

1. Start early: Begin the renewal process 3-6 months before your mortgage term expires to ensure you have ample time to explore your options.
   
   
2. Shop around: Compare offers from different lenders instead of blindly renewing with your current one.
   
   
3. Assess your financial situation: Review your income, upcoming major expenses, and potential life changes before renewing.
   
   
4. Reevaluate your mortgage type: If your financial situation has significantly changed, consider switching mortgage types or transferring to a better lender with a more favorable rate.
   
   
5. Compare mortgage products: Weigh the pros and cons of different mortgage features, such as fixed vs. variable rates, open vs. closed terms, and term length.
   
   
6. Review current mortgage terms: Familiarize yourself with your current mortgage's interest rate, payment schedule, and any prepayment penalties.
   
   
7. Check your credit score: Obtain a copy of your credit report and check your credit score. Your
   credit score can affect your ability to qualify for a new mortgage or get a competitive interest
   rate.
   
   
8. Avoiding complacency: By shopping around, you can avoid becoming complacent and missing
   out on better deals that are available in the market.
   
   
9. Better terms: Other lenders may offer more flexible or favorable terms than your current
   lender, such as prepayment privileges, portability, or a shorter amortization period. Ex.

Overall, the key to a successful mortgage renewal is to be proactive, do your research, and make
informed decisions based on your financial situation and goals, and seek the help of a mortgage broker
that can guide you through the available options as well as shop around for you amongst the dozens of
lenders.

If you would like to book a free consult with Fred and or Martin, simply call or email us directly, and we
will happily take you through the necessary steps to renew your mortgage under the best possible
conditions.

Thank you, your mortgage brokers,

Fred and Martin