Mortgage Renewal and Transfers
There are a number of things to know about the mortgage renewal process and questions to ask yourself before you go ahead with your renewal.
Mortgage Solution can help you by walking you through all of your renewal options. We can compare what your current lender is offering to the rest of the market and recommend the best choices given your current situation.
Why renew with Mortgage Solution?
- Get the best renewal rates for your situation and goals
- Access to all types of lenders including large banks, trust companies and credit unions
- Have an experienced mortgage professional go through your options with you, without any pressure
- Simple, fast, and efficient process
- Save money!
What to expect
A few months before your current mortgage is up for renewal, your existing lender will send you a renewal form. They will allow you to renew early without incurring a prepayment penalty.
Lenders send these renewal forms hoping that existing clients renew with them without considering all of their mortgage options. By allowing clients to renew early, they try to lock you in before you have a chance to shop around to find the best rate and lender.
Whether or not you should go with your current lender’s offer will depend on your financial situation, your goals, and whether you’ve found a better offer from another lender. As always, the more research and comparison you do, the better off you’ll be.
How Mortgage Solution can help
At renewal time it’s a good idea to re-evaluate your financial situation and goals.
When you first took on your current mortgage, your salary and living expenses might have been different. If your situation has changed over the years, it’s a good idea to reassess what you can afford. For example, you may have received a large inheritance or bonus, thereby allowing you to make a lump-sum payment on your mortgage balance. Conversely, maybe your living expenses have soared and you want to shop around for a better interest rate from a different lender.
You also should consider your goals. For example, maybe you think you’ll end up selling your home in the next few years. If this is the case, you might want to pick a mortgage that’s portable or get one with a shorter term.
Mortgage Solution can help you assess your current situation and find the best rates that meet your needs. Our mortgage specialist can provide you with different options and give you recommendations based on your goals.