If the date of your mortgage renewal is drawing near, it is time to consider the options. You want to make sure that your new mortgage is going to meet your present and future wants and desires. Unfortunately, most lenders are actually counting on that fact that homeowners are too busy to ask questions about rates and terms and renewals offer little to the buyer in terms of a better rate.
Just as with your first mortgage, a renewal is a time for you to ask questions, do research, enlist a broker. In short, this is the time for you to shop around for the best rates and options. Since interest rates are low, now is the perfect time to find a better rate. In fact, many financial institutions will switch your mortgage to a better rate option at little or no cost.
Renewing your mortgage is just like making a new start. You will close out your current mortgage and start out a new one at a lower interest and with a smaller principal. There couldn’t be a better time to assess your goals and needs and obtain a mortgage that will help you meet them.
Although the laws governing mortgages vary from province to province, consulting a mortgage broker can help you navigate through the complexities and provide access to a wide assortment of financial institutions to ensure that you lock in the best rate and terms available to you.
Comparemyrate.ca can help you connect you to the right mortgage broker our system lets mortgage brokers compete for your business so that you get you the lowest interest rates in the market and our line rating system ensures that are choosing a reputable, seasoned professional to help you meet your financial needs.