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What to Do When Your Mortgage Comes Up for Renewal

General Drew Hermiston 29 Feb

As a homeowner, one of the pivotal moments you’ll encounter is when your mortgage comes up for renewal. It’s a time filled with choices and considerations, where understanding your options can make a significant difference in your financial future. In this blog post, we’ll delve into the various options available to you and highlight the importance of reaching out to a mortgage broker early in the process.

Understanding Your Options:

  1. Renewal with Your Current Lender:
    • Many homeowners choose to simply renew their mortgage with their current lender without exploring other options. While this might seem like the easiest route, it’s essential to evaluate whether the terms and rates offered align with your current financial situation and long-term goals.
  2. Exploring Competitive Rates:
    • Mortgage renewal presents an opportunity to explore competitive rates offered by different lenders in the market. By shopping around and comparing rates, you may find a better deal that can potentially save you thousands of dollars over the life of your mortgage.
  3. Refinancing Your Mortgage:
    • Refinancing involves replacing your existing mortgage with a new one, typically to take advantage of lower interest rates, access equity in your home, or consolidate debt. Refinancing can offer financial flexibility and savings, but it’s important to consider factors such as closing costs and prepayment penalties.
  4. Adjusting Your Mortgage Terms:
    • Mortgage renewal is also an opportune time to reassess your financial goals and consider adjusting your mortgage terms. Whether it’s switching from a variable to a fixed-rate mortgage, extending or shortening the amortization period, or modifying payment frequencies, customizing your mortgage to better suit your needs is paramount.

The Importance of Consulting a Mortgage Broker:

Reaching out to a mortgage broker early in the mortgage renewal process can be instrumental in securing the best possible outcome for your financial situation. Here’s why:

  1. Access to Expert Advice:
    • Mortgage brokers are industry experts who possess in-depth knowledge of the mortgage market and current trends. They can provide personalized guidance tailored to your specific financial circumstances and goals.
  2. Access to a Wide Range of Lenders:
    • Mortgage brokers have access to a vast network of lenders, including traditional banks, credit unions, and alternative lenders. This allows them to shop around on your behalf and negotiate competitive rates and terms.
  3. Saves Time and Effort:
    • Instead of navigating the complexities of mortgage renewal alone, working with a mortgage broker streamlines the process and saves you time and effort. They handle the research, paperwork, and negotiations, allowing you to focus on other priorities.
  4. Objective Evaluation of Options:
    • A mortgage broker acts as your advocate, providing unbiased advice and helping you evaluate all available options objectively. They prioritize your best interests and empower you to make informed decisions that align with your financial objectives.

In conclusion, when your mortgage comes up for renewal, it’s essential to explore your options and make informed decisions that set you on the path to financial success. By partnering with a trusted mortgage broker early in the process, you gain access to expertise, personalized guidance, and a wealth of resources that can help you secure the best possible mortgage solution tailored to your needs.

Reach out to us today to learn more about your mortgage renewal options and how we can assist you in navigating this important financial milestone.

If you are interested in starting the process of your mortgage renewal, CLICK HERE

Drew Hermiston

Mortgage Agent Level 2

Dominion Lending Centres YBM Group

Tel: 705-818-5865