Mortgage up for Renewal? Why Wait?

Mortgage Renewing, Why Wait?   Is your mortgage up for renewal in the next 120 days or close to?  If so, why wait until you receive a renewal letter from your bank or lender?  Today, interest rates seem to be trending upward.  If you wait you may end up paying too much on your mortgage.  By the time you get your renewal letter interest rates could be considerably higher. If you were to contact me 120 days or less to the renewal of your mortgage I could in the very least, get you a rate hold until your mortgage comes up for renewal.  This will ensure that if interest rates do go up you will already have a lower rate approved.  If the interest rate your current lender is offering is better than mine then you can still go with your current lender.  Also, because the new lender wants your business there likely won't be any fees charged to you as these are usually picked up by the new lender. About 120 days ago, I was offering rates of 2.89% on a 5 year fixed rate mortgage.  Today, the same mortgage will come at a rate of 3.59%.  That is an increase of 0.7% in approximately 4 months.  With that in mind can you afford not to get a rate hold early?  Just for an example supposing your mortgage balance was $300,000 with 20 years remaining, the payment per month would be $1,644.75 per month @ 2.89%.  That same mortgage with a rate of 3.59% would have a monthly payment of $1,749.67 per month.  That is a difference of $104.92 every month on your monthly payments.  In 5 years (60 payments) the total difference would be $6,295.50 just on payments.  Not only would you have saved on your monthly payments but the balance on your mortgage would be less as well. Contact me today for your rate hold. Bus. 403.945.8769 Toll Free 1.866.388.1838