Mortgage Renewal Calculator
Make informed choices and save thousands on your next mortgage.
How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with new loan amortization, rate and closing costs. We will then determine how much interest refinancing can save you.
Is it Time to Renew your Mortgage?
With our Mortgage Renewal Calculator you can have three side by side immediate comparison scenarios allowing you to get a better idea if you should renew the same rate or negotiate a better rate with your current or how much you would save if you get a better rate from another lender. Our Mortgage Renewal Calculator can assist you to make informed choices and enable you to save thousands of dollars on your next mortgage term.
Are you Required to Renew with the Same Lender?
You are not required to renew your mortgage with your current lender and can move to another lender if you find better mortgage rates and are offered better terms and conditions. There may be a cost associated with changing, such as set up fees with new lenders or discharge fees. Your new lender may be willing to take any fees and can be part of the negotiation. A lot of people renew with their current lender and does not occur to them they can move to another lender and normally there is no penalty if you switch at renewal time.
When to Start Shopping Around for Best Mortgage Rates and Terms
If you decide not to renew with your current lender or want to add weight to your negotiations with your current lender, start shopping for better mortgage rates and services a few months before your renewal date. Contact a few mortgage lenders to find out what other options are available. If you are not good at negotiating and don’t have the time to research, let the mortgage broker do the legwork for you, since they are paid on commission, there is usually no charge. Note that if your current lender decides not to renew your mortgage, they must notify you 21 days before your term expires.
You Need to Settle for the Same Options
When renewing your mortgage, find out about other rates, such as closed versus open, fixed mortgage rates versus variable or combination mortgage rates, payment options and amortization periods. This is where the advice of a good mortgage broker will pay off and can help you find the best options and save you money on your mortgage.