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