Know Your Options When it Comes to Mortgage Renewal
Canadian home mortgages are generally set up to have shorter term periods within the entire amortization period, for instance a term may be 5 years but the full amortization period is 25 years. As this term expiry date approaches, your lender will generally send you a renewal form to sign in order to continue with the current mortgage that you have. However, what many homeowners may not realize is that they have more options than simply blindly signing with their current bank or lender.
Automatically renewing with your current bank could cost you money, considering the fact that there is most likely a better option for you. It’s important to note that a homeowner essentially becomes like a ‘free agent’ once the term is up, making them free to go elsewhere for the next term of a home mortgage.
A Lower Rate May be Available to You
A mortgage renewal should be looked at long before the bank calls and asks for you to sign renewal forms. Instead, homeowners should be diligent in their efforts to look around to see if there are any other better options available for them. Banks often do not have the lowest interest rates nor the most convenient terms and conditions for mortgages.
On the other hand, independent mortgage brokers are able to look around on behalf of the homeowner to see which lender is available to provide the lowest possible interest rate along with the most suitable terms and conditions for your specific financial situation. When you know that your renewal date is approaching, your best bet is to give yourself enough time to deal with a reputable mortgage broker who has the experience and connections necessary to get you the best mortgage package possible, before automatically renewing with your current bank or lender.
Call the Experts in Home Mortgage Renewals
When your mortgage is up for renewal, call Lee Anne Taylor, an experienced mortgage specialist who is highly skilled in the field of mortgage renewal Burlington Ontario, as well as all other issues pertaining to mortgages and home financing. Get in touch with Lee Anne and let her get you the best mortgage package and lowest interest rate possible! You could save thousands over signing that renewal card. Call (905) 336-8948 or visit her website at www.HomeLoansOntario.ca.
