· Mackenzie Docksteader · Mortgage Renewal · 2 min read
Think Twice Before Renewing Your Mortgage
Avoid the most common renewal pitfalls by comparing lenders early, reviewing your amortization, and focusing on the entire mortgage product, not just the rate.
How to Renew Your Mortgage Wisely with the Help of a Burlington Mortgage Broker
Renewing your mortgage can be stressful, especially if you are not prepared. As your Burlington mortgage broker, I want to help you avoid common mistakes and secure the best deal possible. Here is what you need to watch out for.
Do not Take the First Offer
Your current lender might send you a renewal offer, but that might not be the best deal. I always suggest shopping around to compare offers from various lenders. You have the right to switch if you find a better deal. Start exploring your options at least four months before your renewal date so we can negotiate the best rates and flexible products in Burlington.
Do not Extend Your Amortization
Facing a higher payment upon renewal? Your lender might suggest a longer amortization period. However, this could mean more interest over the life of your mortgage. I am happy to provide alternatives and help you understand the long term consequences.
Do not Stick with the Wrong Product
I recommend reviewing your current mortgage to ensure it still meets your needs. Consider changes in payment frequency, prepayment options, and rate types. The right product should offer flexibility and benefits suited to your current situation.
Do not Let Your Mortgage Renew Automatically
If you are not proactive, your mortgage might renew automatically, often at a higher rate and with less suitable terms. Take action before your renewal date so we can negotiate better terms or switch lenders.
Do not Focus Only on the Interest Rate
While the interest rate is important, it is not the only factor. Additional fees, penalties, and terms can impact the overall cost of your mortgage. I will help you understand these factors and find a balanced solution.
By following these tips, you can renew your mortgage wisely, potentially saving money and time. This is an opportunity to improve your financial situation and reach your goals. For assistance or advice, contact me, your Burlington mortgage broker, and we will find the best mortgage solution for your needs.
