There comes a point in every homeowner’s journey when their mortgage term is up for renewal. During this time, you have more options than you think. Our mortgage experts at Source Mortgage can help guide you through this process.
Preparing for Renewal
Don’t wait until your mortgage is up for renewal before contacting us. Start preparing at least four months in advance. This will give you ample time to discover your options and set a game plan into motion exactly when you need it. There are a few factors that will affect your renewal terms; for example, if you and your partner were salaried employees when you got your mortgage but one of you has started your own business or one of you is receiving employment insurance. In these cases, your lender may offer less favorable terms. With this knowledge in mind, it is important to make choices that will stabilize your finances well before renewal.
Your Chance to Renegotiate
Many homeowners will renew their mortgage with the same lender. Unfortunately, over half of them do not renegotiate terms. Lenders tend not to be too generous when it comes to renewal since they are relying on the fact that homeowners won’t be shopping around for better rates. Switching lenders or renegotiating terms can save you money in the long run. That’s why it is so important to take a look at your options well before your renewal.
Bring in the Experts
This is where we come in. Brokers aren’t just helpful when you get a mortgage for the first time. They’re able to help during the mortgage renewal process in exactly the same way they did the first time around: by shopping for the best rates among multiple lenders and doing the legwork for you.
If your mortgage is up for renewal, contact the professionals at Source Mortgage today. Our team can help you weigh your options, whether that means renegotiating with your current lender or shopping around for a better rate. Either way, we can help you achieve the best terms and rates possible for your situation.