Renewing your mortgage is as important a financial decision as selecting your first one. While renewing your mortgage, you are in a stronger financial position as compared to where you were before. Your home equity grows over a period of time and by decreasing your principal loan balance, you are in a good position to negotiate. However, many prefer to just sign their existing agent’s mortgage renewal form without trying to get a good deal on the new mortgage. This results in a higher rate and a mortgage package that does not cater to your individual needs.
With every mortgage renewal comes the opportunity to reflect and assess your mortgage needs before you decide on a new mortgage product. Whether your term is 6 months or 10 years, if you qualify, your lender will mail your mortgage renewal agreement 30 days prior to maturity. At this time contact a mortgage broker to discuss your renewal options.
Follow these simple steps to make sure you secure the mortgage renewal that’s right for you:
- Start early. Did you know that you can renew your mortgage as early as 120 days in advance? As a valued mortgage customer, you may be eligible for the early renewal offer. This offer allows you to lock your mortgage in at current rates and renew early without paying a prepayment charge, if you select a closed mortgage product with a term of 3 years or more.
- Consult a mortgage broker. They’ll make sure you have the latest product and mortgage information to help you make a final decision.
- Renew at maturity. Many people wait for their mortgage to reach maturity before thinking about their mortgage renewal. If this is the case for you, we will offer you the lowest rate within the last 30 days of your mortgage term if you choose a fixed rate mortgage. This way if rates increase you are protected during the mortgage renewal process.