If you want to turn your mortgage around, mortgage renewal can really save you money! Don’t automatically sign the form and turn it in when you get it, consider what they’re offering you. Are you going to get a better interest rate this time, or are you getting more or less the same deal? With interest rates right now for Canadian mortgages at the lowest they’ve been and probably will be for decades, it pays to research your options. Here we’re going tot alk about how we as Toronto mortgage brokers can help you get a great rate on your mortgage and what you need to know.
What is Mortgage Renewal?
When you sign on for a mortgage, you are given a mortgage “term”; this could be as short as 2 to 3 years, or it could be as long as 30 years. You’ll have this long to pay off your mortgage. If you can’t pay it in full by the end of the term, you will be sent a mortgage renewal form. You can pay up, renew with this lender or go out and find another lender to hold your mortgage notes. You can also renew your mortgage even when it’s not time to do so. You’ll want to work with one of our mortgage brokers to make sure you’re getting the best deal.
Don’t Wait for the Mandatory Renewal
Many people don’t know that they can renew their mortgage before the lender asks them to. You always have the choice and it can pay big to keep an eye on trends like the national interest rate and how the economy is doing to see what kind of deal you can get. The economy is great right now; interest rates are low and virtually anyone can buy a house or refinance their mortgage. If you’d like to know what options you have for mortgage renewal, let us help! We’ll talk to many different lenders on your behalf to find the eon that will give you the best deal. This way you can get a great mortgage without losing a lot of money each month to interest.
What Role Does Interest Play in Mortgage Renewal?
When you renew your mortgage, you’ll almost always be able to get a better interest rate. Some lenders will outright offer you a 0% or 1% interest rates in hopes of getting you in the door, but be careful! These are known as “teaser rates” or “intro rates” and can rise dramatically once you’ve been a customer for a month, 6 months or even a year. This is why it’s so important to make sure you’re getting the best deal at the outset. Let us help you make the most of your mortgage renewal!
If you’d like to learn more about mortgage renewal, let us help! We’re experienced local Toronto mortgage brokers who deal in renewals and refinancing mortgages. We’ll be able to help you find the right deal, right now.