Mortgage Up For Renewal?

Did you know even if you don't have any options to move your mortgage due to too much debt or lesser credit you can still negotiate a better deal on your mortgage?  If your mortgage is up for renewal and you have paid your mortgage as agreed then chances are pretty  good that your current mortgage lender doesn't want to lose your business. 

What I would recommend is you wait until you are within 90-120 days to the renewal of your mortgage.  Once within that time period I would call your existing mortgage lender to find out what the rates would be on all of the terms they have available.  Once you have those figures I would recommend you contact a mortgage broker to find out what their best rates are.  Once you have those figures I would call your existing mortgage lender to advise them you have been speaking to a mortgage broker and ask for a better rate.  A lot of times the existing mortgage lender will help you out. 

This strategy works best for people who don't have the ability to move their mortgage.  As for people who fully qualify with a new lender it might be best to consider working with a mortgage broker on that as they might be able to offer suggestions as to how you can better your mortgage.  We can look at options like re-amortizing to pay down your mortgage quicker or to lower your monthly payments.  We can also look at other variables such as pre-payment privileges as well as increasing the mortgage amount to maybe pay off some debts or house renovations and so on.