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WHAT YOU NEED TO KNOW BEFORE YOU RENEW YOUR MORTGAGE

What you need to know before you renew your mortgage could save you thousands of dollars. Is your mortgage on your home or other properties maturing in 2018?

Talk With A Mortgage Advisor

Typically you will receive your mortgage renewal notice from your current lender 3-4 months in advance of the renewal date. Sometimes you may receive an offer for early renewal. Either way, you should talk with an experienced Mortgage Advisor before you renew your mortgage.

It’s Important To Know Your Options

With many changes to mortgage rules over the last few years, it is important that you know your options before you sign a renewal.

Did You Know:

  • If your current mortgage is funded before October 2016, regardless if you were a high ratio borrower or a conventional borrower, the old rules for qualifying still apply
  • If you want to renew your mortgage at best rates you can transfer that mortgage to another lender without qualifying under the new rules
  • If you have any fees for transferring the mortgage they may be covered
  • Lenders are currently offering high renewal rates as they know 65% + of borrowers will simply sign without doing any homework
  • Lenders are currently offering lower rates only after clients decline their first offer
  • A Mortgage Advisor has access to lots of great renewal programs from the banks, mortgage companies, and credit unions.

Why You Should Talk With A Mortgage Advisor

Do you want to potentially save money? It’s as easy as talking with a Mortgage Advisor before you renew your mortgage. It’s worth the little bit of extra time. Also be sure to visit our website and read 10 things to consider before you renew for more information. Contact us today.

Original Article – Dominion Lending Centres – March 9, 2018

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