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Mortgage renewal gives the people an opportunity to assess their desire and requirement for a mortgage before they set out to buy or renew mortgage products. Hence, when the time for renewal comes, it is good to be informed. Renewal of the mortgage can be done either on the same terms or with new ones from another lender. People have their own notion regarding terms. Some find the earlier terms comfortable while others get attracted to the new ones.
To learn more about mortgage renewal, call our financial experts now.
The best way is to learn about the new ones and then decide which would be better. If you blindly keep on walking with your same old terms, then you are sure to face losses. Many people are unable to arrive at a decision because of lack of research and knowledge regarding this issue. Hence, we explain to you every single bit of info that you need to know regarding mortgage renewal.
The first step of the renewal process amends with your lender. One or two months prior to the cessation of your current mortgage terms and conditions, your lender will send you a statement of renewal. This renewal statement will include the details of the terms of your current mortgage.
Start looking for a better rate two to three months before your mortgage is up for renewal. According to lenders, that is the best time to take benefit of certain special offers and discounts.
Before you negotiate with banks or other lenders, try to find out what others have to offer. Never rush to take a decision and do your math right. Find a mortgage that suits best for your needs.
If negotiation isn’t your cup of tea, then hire a mortgage broker to do the same for you. Mortgage brokers are extremely good at it. It is widely seen that people who go for a mortgage broker to fix a rate, actually end up paying less than those who don’t.
Once you fix a new rate for your mortgage, then your previous terms and conditions come to an end. Your mortgage takes a new birth with the terms you have signed for. Basically, mortgage renewal marks a new beginning.
Before you decide to renew your mortgage, there are some points you must pay heed to. These points are in fact questions that are associated with your life closely, for instance like:
Are you ready to alter the frequency of your mortgage payments?
Does your budget allow an increase in the frequency of mortgage payments?
Can you make pre-payments?
Do the current mortgage terms’ satisfy you?
Mortgage renewal can be a good option if your financial situation has altered drastically during the last few years. It doesn’t really matter what change your finances have seen. Mortgage renewal really ends up doing good in the log term. It is also possible that the current terms you have are much better than those proposed during renewal. Hence, it would be better to stick to the current plan. In the end, make a wise decision!
Our company Mortgage Wizards is a leading name in mortgage renewal throughout Toronto. Contact us to take benefit of our exclusive mortgage renewal deals today.