Is your mortgage coming up for renewal?
Do you know about the options available to you when renewing?
If not, we have the details on how to make your mortgage renewal the best possible under the current circumstances.
Get a Better Rate
When you have received notice that your mortgage is coming up for renewal, this is the best time to contact us.
At renewal, is the easiest time for us to switch your mortgage to a new lender, that is offering better terms, switching at renewal doesn’t break your mortgage. With interest rates expected to change as we move into the New Year, now is a good time to reach out to discuss your mortgage and possibly save you money!
Consolidate Debt
Renewal time is also a great time to take a look at your existing debt and determine whether or not you want to consolidate it onto your mortgage. For some, this means consolidating your holiday credit card debt into your mortgage, for others it could be car loans, education, etc. Regardless of the type of debt, consolidating into your mortgage allows for one easy payment instead of juggling multiple loans. Plus, in most cases, the interest rate on your mortgage is less than you would be charged with credit card companies.
Start on that Reno
Do you have projects around the house you’ve been dying to get started on? Renewal time is a great opportunity for you to look at utilizing some of your home equity to help with home renovations so you can finally have that dream kitchen, and updated bathroom, OR you can even utilize it to purchase a vacation property!
Change Your Mortgage Product
Are you not happy with your existing mortgage product? Perhaps you’re finding that your variable-rate or adjustable-rate mortgages are fluctuating too much and you want to lock in! Alternatively, maybe you want to switch to a variable as interest rates start to level out. You can also utilize your renewal time to take advantage of a different payment or amortization schedule to help pay off your mortgage faster!
Change Your Lender
Not happy with your current lender? Perhaps a different bank has a lower rate or a mortgage product with terms that better suit your needs. A mortgage renewal is a great time to switch to a different bank or credit union to ensure that you are getting the value you want out of your mortgage if you are finding that your needs are not currently being met.
Regardless of how you feel about your current mortgage and what changes you may want to make, if your mortgage is coming up for renewal or is ready for renewal, please don’t hesitate to reach out to me! Email us I’d be happy to discuss your situation and review any changes that would be beneficial for you to reach your goals; from shopping for new rates or utilizing that equity! I can help you find the best option for where you are at in your life now and help you to ensure future financial success.