Mortgage Renewal

Adapting to market trends

Understand your options and review your mortgage needs.

Whether you are at the end of your mortgage term, or are looking to renew early to take advantage of lower rates, a mortgage broker can help guide you to make the best decision for your unique financial needs.


End of Term Renewal

Usually when you get near to the end of your mortgage term, banks and lenders will send you renewal documentation in the mail. All you need to do is review it, sign and send it back. Typically, the bank or lender will not offer you the most competitive rate at this time, as they are counting on you to just sign and send back the paperwork. Always check with a mortgage broker before you sign anything.

Matt can take a quick look at the mortgage paperwork that you have been sent to make sure that it is a fair market terms and rate. If it isn’t (which typically, it isn’t), he can provide you with what other options are available, and take care of the renewal for you!


Early Renewal

If you are seeing mortgage rates falling and are wondering if it’s worth renewing early, Matt can take a look to see if it is indeed the right time for you. Most lenders and banks have early payout fees, and depending on what those are, it may not be worth breaking out of your mortgage early in order to take a lower rate. But other times, even if you do have to pay a penalty for breaking your mortgage early, the savings will be recouped in a new lower mortgage payment. Matt can do all of the calculations for you to make sure that the savings outweigh the prepayment penalties.

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