Is your
mortgage up for renewal?
In this day and age it is especially important to consider your options
when your mortgage is up for renewal. There are so many things
you will want to consider. You may have better options
available. Did you know that you can get a rate hold of up to 120
days with some lenders? Also, because a new lender wants your
business they will sometimes pick up all the costs associated with the
transfer of your mortgage.
Some lenders at various times of the year are able to discount their
rates more than others so it is important to make sure your lender
offers you the best deal. You also need to re-evaluate your
position and plan for the next couple of years. For instance, are
you planning to move within the next 5 years? If so then you may
want to consider a shorter term mortgage or make sure your mortgage is
portable. Another thing to consider is whether or not to go with
variable or fixed. By discussing your rate with a mortgage
professional (like myself), then we can help you make an educated
decision as to what is best for you.
Don’t get me wrong, I want your business but at the end of the day I
want to make sure you are given the best deal you deserve. If
your best deal is still offered by the lender you have your mortgage
with, then my advice would be to keep it there, avoid the arrangement
of a new mortgage. But, if your current lender is not willing to
give you the best deal then I will help you move your mortgage to a
lender who will.
Another consideration is whether or not you could use a little extra
money. You might want to pay down some debts or do some
renovations to your house. We might be able to get you money for just
about any purpose. When your mortgage is up for renewal it is the
perfect time to look at doing this as you don’t have to break a current
mortgage to pull out equity in your house.
Whether or not you have your mortgage with me or if you just want to
discuss your current mortgage I encourage you to contact me. I
would be happy to discuss whether or not you are being offered the best
deal and offer some advice. Just recently a friend of mine
received his mortgage renewal documents in the mail. I was asked
to take a look at them to advise them as to what options would be the
best for them. I thought the 5 year fixed option would be best
but could be a little bit lower. On my advice they called their
current mortgage lender who as a result of our conversation reduced
their offering by 0.25%. They accepted their new rate and were
very pleased about the new rate.
So as you can see, it does not hurt to contact a professional in this
area to make an educated decision.
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