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Renegotiate mortgage interest rates at the time of your mortgage renewal.
Get pre-approval for your mortgage rates months before your renewal date
Get a multitude of options from multiple lenders
At the end of your mortgage term, you have to pay off your mortgage in full or renew it. This is the time to review your mortgage deal. It is a great time to relook at your financial goals as well as strike a great deal with current market conditions
It is best to start hunting for deals around 120 days before the mortgage renewal date. If you don’t take action, the renewal of your mortgage term may be automatic. This eventually will not fetch you a competitive interest rate and conditions.
You may decide to switch your current mortgage to another lender for a loan of the same amount. If this is the case, the new lender will need to approve your mortgage application.
Once we strike a great deal for you, switching providers will require a little more paperwork. For all our clients we make the process buttery smooth.
Most mortgages need to be renewed before they are eventually paid off. These mortgages come with an amortization period of anywhere between 20 to 30 years. So, when your mortgage term expires before you complete making your repayments, you will at least need to renew your mortgage for at least one more term. Below mentioned are things to consider when planning your mortgage renewal:
1. Take into consideration your current financial goals
Before you choose your mortgage renewal, you should take into consideration your current financial goals. You have to be sure that the mortgage lender whom you’re planning to renew with can meet your current financial goals.
2. Start to shop around early
Your current mortgage lender will send out a renewal slip in the last month of your mortgage term. However, you can start to negotiate as early as 120 days before the maturity date.
Ask for better mortgage rates
Negotiating for a better mortgage renewal rate can help you save tens or even thousands of dollars in interest over the loan period.
If you are looking to apply for mortgage renewal in Ontario, please do not hesitate to get in touch with the team at Mortgage Loan Ontario today.
A mortgage is a huge financial commitment. It is a surprise that many Canadian homeowners do not take the mortgage renewal process seriously. Most just accept what their current lender offers.
While it can be tempting to choose the easy option, it is imperative to work with a mortgage renewal expert to help with your renewal. Below mentioned are reasons to work with a mortgage renewal expert:
They can get you access to a plethora of lenders to ensure you are getting the best rates and terms.
If you maintain a good credit score, a mortgage expert can negotiate with your current lender for a better deal.
If you have built-up more than enough equity in your property, you can potentially move your high-interest debt to a lower-rate mortgage to help you save on interest, as well as improve your cash flow.
If you are experiencing any changes to your situation, a mortgage renewal expert can advise you on taking on a new mortgage or sticking with your current lender.
If you are looking to free up cash flow, a mortgage renewal expert can identify solutions to meet your specific needs
For a free estimate on mortgage renewal in Ontario, contact a member of our team today at Mortgage Loan Ontario.
Save thousands of dollars in your mortgage interest payments
Pre-approvals for any type of mortgage requirement.
Lowest rates guaranteed.
Cash gets credited within a couple of days.
Yes, you can always go to the lender Who provides you a competitive solution
Mortgages are usually renewed when the term of the existing mortgage comes to its end. But you can always renew your mortgage when the current interest rates are lower. Please get in touch with us for a free consultation we would be happy to run down the numbers for you.
You can get pre-approved as early as 4 months before the renewal date.
Our clients have saved thousands of dollars during their renewals we would be able to do so for your mortgage.
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