Renewal Process
Start Your Renewal Early
One hundred twenty (120) days before your mortgage is set to renew you can begin the process. We will send you a renewal reminder one hundred fifty (150) days before your renewal date, so you are properly prepared. It’s not hard to switch lenders, and while we are able to make it even easier, time crunches are by no means fun. With extra time, we can shop around, negotiate, and secure a mortgage matched perfectly to you. (Lock your rate in 120 days before renewal)
Pay Your Mortgage Down at Renewal Time
We realize it’s not fun sitting on a large sum of cash when you want to pay your mortgage down! Renewal time is an excellent opportunity to pay as much as you want without any of those fees coming into play. During your term, you can prepay your mortgage but only within the limits described in your lender guidelines. When you exceed this limit there can be a penalty, the amount will range depending on your terms. Therefore, we tell our clients – Mortgage Terms can trump low rates! We promise to make sure you understand your mortgage and all the terms before you sign your commitment letter.
Make Your Lender Work for You
While we recognize your loyalty, we also want you to get the best mortgage possible. Renewal time provides a possibility to look around for a better mortgage product. Most people assume their banks are giving them the best option, or they believe that switching lenders is a massive hassle (it’s not!). Don’t settle for less than exceptional. Chances are that there’s a better mortgage product available for you. If you’re open to change and want sincere advice, give us a call and we’ll treat you with exceptional service to find you the best deal (even if that means staying at your original lender)
Switch Lenders Seamlessly
Switching lenders is a straightforward and easy process if you have a skilled broker to lead the way. We can help you obtain a better mortgage at renewal time. We begin by getting to know you and your plans. This lets us narrow down the search for a mortgage that’s proper for you. Once we discover a product you like, we can gather your documentation and a current evaluation of your property value to submit your application. Before you know it, you’ll have a brand-new mortgage that saves you cash with terms that give you room to grow.
Easy Access to Money at Renewal Time
Need some more cash? Hoping to keep away from those fees? Renewal time is a perfect opportunity to refinance your mortgage due to the fact you won’t be dinged with any penalties. We can help you restructure your mortgage with a product that offers the flexibility you want to attain your goals.
Choose Mortgage Terms that Fit You
Mortgage terms can make or destroy your future plans, so pay attention! Is your mortgage restricted, are there atypical penalties, peculiar cashback clauses, clawbacks, unique charge requirements, limited features, no flexibility, blending or porting rules, or pre-payment restrictions? All this fine print can emerge as a huge deal in the future and as your broker, we take it on as our duty that you are crystal clear on what you’re committing to. We’ll make certain you are ready for a hassle-free renewal.
Know the Difference: Fixed vs Variable
Are you wondering if you should renew with a fixed or variable rate? In normal, healthy markets, variable rates are lower than fixed. In a nutshell, variable rates will differ but are inexpensive to break, while switching out of a fixed rate may be very expensive. Conversely, fixed rates offer peace of mind due to the fact you recognize your month-to-month bills in advance. Your best choice relies upon your goals, borrowing profile, and current financial circumstances.
Give us a call/message and we’ll advise you on the best mortgage product for your life.