Mortgage Renewals:

We all have them come up, and 2024 is bringing a new age of renewals.  Lets talk about key things you need to know and why you should shop around.

Why do I need to shop around?

While we believe our current lender LOVES us and wants nothing but to give us the best rate, this is simply not the case.  Most times they are automatically sent out with no discussion on terms, goals etc, it is simply to get a quick signature and hopefully line the pockets.

But luckily for you, you found me!

How can I help you?

We can take your mortgage, shop it around, and get the banks and other lenders competing for your business.  We put YOU in the driver’s seat and make the lenders bid to win you over.  This allows us to find you all the best rates and product offerings in the marketplace…FOR FREE!

When should you start your renewal?

I always recommend 4-6 months out.  Most lenders will hold rates for 120 days so that is the ideal time to HOLD your rate.  Starting early allows us to adjust if there is anything we need to work on (credit, income-wise).  Giving yourself this much time makes the process less stressful.

Do I need to talk to my bank to shop around?

No!  Your lender will send a renewal agreement in the mail, we will review this when you get it.  But you do not have to ask them if you are allowed, it is your mortgage, you are in control!

What should I be thinking of for my renewal?

We tell our clients that your renewal date is the time to review your life and goals.  Ask yourself these questions to help determine your mortgage roadmap:

  • Do I need extra money for renovations, debt consolidation, schooling for kids

  • Do I need stability in payment

  • Is the lowest rate most important to me, or is it saving interest (yes these are different!)

  • Am I happy with my current lender, what improvements or changes would I make

  • Am I going to be moving or changing locations, will I sell or rent my home

  • Where do I think mortgage rates will go

Who do I talk to?

Speak with a trusted Mortgage Broker, I say this because they can offer you a variety of options vs just one bank.  Second opinions often save thousands of dollars!

Interested in working with me?  APPLY HERE