Shopping for a Mortgage Renewal?

While most Canadians spend a lot of time, and effort in shopping for an initial mortgage. The same is generally not the case when they get their mortgage renewal letter.

At the end of your mortgage term, as long as you still owe a balance you have the option of renewing your mortgage or switching your mortgage to another lender. If you have additional debt that you want to consolidate you could also refinance your mortgage.

With  with each mortgage renewal comes the opportunity to assess your current mortgage, and compare it to any new financial goals you may have.

mortgage renewalNearly 60% of borrowers simply sign and send back their renewal that is first offered to them by their lender- without ever shopping around for the best mortgage rate. This could cost you thousand of dollars in additional interest payments as lenders don’t usually offer their lowest rate at renewal. Our free mortgage checkup can save you thousands as our system check to see which mortgage lender has the lowest rate and pre-payment privileges that matches your credit.

Mortgage Renewal Process

  • Generally, start shopping for a new term up to 120 days before your mortgage matures. Many lenders send out your renewal letters close to the time that your term mature which might not give you enough time to shop for a mortgage term. Track your time frame, and know when it’s time to start searching for a good renewal rate. Getting a free mortgage review would be a great idea at this time. We could review your current mortgage to see what options are available to you. Taking your current financial and credit situation we could compare your offer with what other lenders would offer you and you then could make a decision that could save you tens of thousands of dollars by:
  • Having a licensed mortgage professional shop around for you. You will be amazed at what they can accomplish on your behalf!
  • Along with other financial goals, you should make a list of what you’re looking for in a mortgage product. Visit our calculators for financial options.
  • Be ready to renew in the last 30 days. You’re protected from any potential rate increases during that time. However, you should have enough research to know what the best mortgage rate on the market is.
  • Make a decision- After shopping around, considering your financial goals, outlining your needs, and receiving a mortgage renewal offer from your current lender. It’s finally time to make a decision.

Your mortgage is one of your biggest expenses and decisions. Because of this it’s imperative to find the best interest rates and mortgage terms you can. By shopping around you can save substantial amounts of money over the life of your mortgage.

Call Sunlite Mortgage agent today at 1.877.38LOANS and we will be happy to help you find the mortgage lender with the best mortgage rate for you.

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