Mortgage renewal gives you an opportunity to change the terms of your mortgage and you’ll soon be at an important financial milestone. You can rethink everything related to your mortgage without any extra fees, including your amortization and mortgage term. This would be the perfect time to look at the many options on the market and competitive rates available. You can also use this opportunity pay off existing debts with your new mortgage or pay less interest, simplify your repayments, or even increase your funds for large home projects and new investments.
Most lenders in today’s world send out renewal forms just prior to renewal dates with about 70% of homeowners sending it back without asking inquiring any questions or requests. This could be the easiest and best route, but it is better to ask yourself some questions before you sign these papers. This is a very important opportunity that people should not miss.
Although there are many homeowners who decide to make changes to their mortgages upon renewal, a lot of homeowners stick with the same lender, and many others fail to negotiate new terms at all. This is unexpected considering the amount of money you would be able to save if you look around for multiple lenders.
It is essential to work with a mortgage broker services in the time prior to your mortgage renewal. Mortgage brokers have the resources and the contacts required to help you get the best mortgage renewal quote and develop your mortgage strategy. With regular counselling during the whole process you are ensured that your financial interests and requirements are always met. They help you understand the world of mortgages, and give you the resources to come out on top with a good profit.
Having multiple lenders compete for your business is one of the best ways to ensure you get the best rate for your renewal. We deal with multiple lending institutions, including major banks, credit unions, trusts and other national and regional lenders, which helps you make negotiations easier and with more profits for you.
If you have decided not to consider your mortgage renewal options, you might end up losing thousands of dollars. The renewal period is the perfect time to rethink your position and finally embrace all important savings with an established mortgage broker who works for you and has your best interests at heart.
Don’t miss the opportunities available to you when renewing your mortgage – get in contact with an expert broker and see how you can improve your finances and put yourself in the best possible position for the future.