When your mortgage comes up for renewal, you may not know that you can have another lender take over your mortgage but you can! You should never renew your mortgage just because they sent you the form; you want to negotiate for the best rate, saving you thousands of dollars in interest over your next term. Let us as Toronto mortgage brokers help you get the best rate for you! Here we’re going tot alk about mortgage renewal and how it works; we’ll also go over how you can use this to get the most out of your mortgage, so let’s get started.
What is Mortgage Renewal?
If you take out a mortgage for say, $100,000, over a 10 year period but you’re not able to pay it in full yet, you may be offered the option to renew your mortgage. If you choose not to renew your mortgage you could be on the hook for the portion of the loan you still haven’t paid. Since most of us don’t have banks in our pockets, we’ll almost always renew the mortgage.
The thing about mortgage renewal is that they can revise the terms; this means that if you got a great deal at the beginning of your mortgage, you could wind up paying double the interest when you sign on for this next period. This is why you need us! As experienced Toronto mortgage brokers we’ll be able to help you understand the terms they’re offering. If they’re less than favourable, we can help you find another lender to get you the best mortgage possible. Different mortgage lenders may offer a better deal to you; you’ll be able to decide between your existing lender and choosing a new one. Always remember, you have a choice when it comes to mortgage renewal.
Is Mortgage Renewal the Right Choice for You?
Unless you can pay the outstanding portion of your mortgage… it might have to be the choice for you. But you can transfer your debt to another lender how is offering more favourable terms. Whatever you decide to do, make sure that you’re getting an equal to better deal than you have right now; there’s no point in switching lenders unless it’s going to bring you a benefit. We’ll help you find the right lender who can offer you financing and flexibility, helping you pay down your mortgage faster.
Let Us Help You!
If you’re not sure if you should renew with your current lender or if you should find someone better, let us help! We’re experienced Toronto mortgage brokers that can help you find the financing you need at terms you can live with. Bad credit, self employment and other unique conditions should never affect your chances for getting decent terms for your mortgage renewal. We know all the different lenders in the area that handle this type of financing and can help you get the right one for your specific needs. Contact us today and see what we can do for you.