Mortgage Up For Renewal: Know Your Options

As the term on your mortgage draws to an end, you have four main options: you can pay off the mortgage in full, you can renew with your current lender, you can refinance into a new mortgage, or you can switch your mortgage to a different lender for a better rate. Though you may decide your best course of action is to renew, a Mortgage Advisor can review your current contract and let you know your options. Your mortgage plays a big role in your overall financial health, and you owe it to yourself to investigate every avenue before signing on the dotted line.

Shopping Around

Even if you wish to renew your current mortgage, there is no harm in shopping around. Of course, shopping around yourself can be overwhelming, which is where your Mortgage Advisor can step in. At The Mortgage Advisors, we have more than 30 major Canadian lenders at our disposal, and we’ll negotiate on your behalf to find the best rate possible.

Refinance?

Instead of renewing your mortgage, you also have the option to refinance. This is an especially appealing option if you are planning a major life change. Do you want to start a business? Would you like to purchase an investment property? Do you want to pay off other debts or renovate your property? Or do you simply want to refinance for a lower monthly payment? No matter the motivation, this may be an advantageous solution instead of proceeding with a renewal.

Knowing the Costs

Remember, it’s not just the best rate that matters when analyzing new mortgage choices. You also want to keep in mind the term, penalties, fees and flexibility for future options. You’re aiming to save money over the life of the mortgage, At The Mortgage Advisors, we uncover the optimal prepayment options to reduce interest costs and potential penalties and save you the most money possible. Most often to simply switch lenders there are no fees to do so and your new mortgage could just save you thousands!

Lots to Consider

As your mortgage approaches maturity, you can no longer sit back and relax as long as you are making your regular payments. Start early, at least 4 months before your renewal date, to review your options and what is available. Be aware that you will have to go through the process of applying, confirming your income and employment credentials, organizing your financial documents, filling out forms…you get the picture. However, your Mortgage Advisor will guide you through the entire process to make it as quick and easy as possible and ensure your peace of mind. Contact us now to speak with a Mortgage Advisor about your mortgage renewal options. We’re in your corner to find you the best deal and connect you with the best mortgage solutions available.