Renewals and Renegotiations
Take an active approach to finding the mortgage that best meets your needs. Most homeowners simply sign the lender’s renewal without shopping for the best rate and terms. Know that you do not have to renew your mortgage with the same lender. You can choose to move your mortgage to another lender if it offers you terms and conditions that suit your needs better. Don’t wait until you receive the renewal letter from your lender. A few months before the end of your mortgage term, contact me. I will shop around for you to ensure that you get the best mortgage deal.
Remember that for most people, the mortgage payment is one of the biggest chunks of their household budget. This is where I can help you save money. You may qualify for a discounted interest rate that is lower than the rate quoted in your renewal letter.
On the other hand, if you don’t take charge of the process, your mortgage might automatically be renewed for another term. This means that you may not get the best interest rate and conditions.
In some cases, you might want to renegotiate your mortgage before the term ends if your financial situation has changed. Or perhaps you might want to take advantage of changes in the interest rates that are available from mortgage lenders.
Renegotiating generally involves breaking your mortgage contract and may result in some significant costs. Before taking this step, it’s important to consider carefully the costs and benefits. Contact me and I will help you determine whether renegotiating your mortgage is worth the potential costs.
If you’re interested in learning more about the details of renewing and renegotiating , here’s an informative guide from the Financial Consumer Agency of Canada: Renewing and Renegotiating Your Mortgage