Mortgage Renewal, What you need to know!

What Happens when your mortgage is up for renewal?

Generally speaking when your mortgage is up for renewal you get a renewal notice from your Bank or other lender, you choose the rate you would like and you advise the lender.  From there you carry on.  It is not that simple… your current mortgage lender would like it if you thought so. 

Here is what you need to know however;

·        Your current mortgage lender wont usually send you your renewal notice until you are very close to renewal to reduce the amount of time you have to shop around.

o   I will send you a notice that your mortgage is coming up for renewal within the 120 days to your mortgage renewal so you have plenty of time to decide what the best option is.

·        Your current mortgage lender may not offer you the best rate you can get right out of the gate, you may need to negotiate with them to get a lower rate

o   I will help you to negotiate an interest rate on your behalf, make sure you are given the best possible rate, or at least to make sure you are given the best rate by the end of it.

·        If you had any credit mishaps over the term of your mortgage they may not offer you a very good rate at all as some of the lenders pull your credit before offering you a renewal.

o   If you have had issues with your credit, a new lender may better understand this and give you a better interest rate.  I would help you figure out you can do if you have had some credit issues over the term. 

I am here to help.  If you would like to be reminded about your mortgage renewal please follow this link... http://www.shawnmooney.com/mortgage-renewal-reminder

Shawn Mooney |Bayfield Mortgage Professionals Ltd.

Broker of Record
Your Mortgage Broker for Life
Bus. # 403-945-8769 | Mobile # 403-828-1838
Email: mortgages@shawnmooney.com
Website: www.shawnmooney.com