When your current mortgage reaches its maturity date, you will need to renew the outstanding balance for another term.
A lot can happen throughout your current mortgage term. Your financial goals at the beginning of your current mortgage term may no longer be the same. For example, you may have received an inheritance or a bonus at work and you can now make a lump-sum payment on your mortgage. Or maybe your living expenses have increased, and you need to shop around for a better interest rate and possibly extend your amortization (length the mortgage can be repaid).
The fact is, that many homeowners will just renew with their current lender, simply because you might not have the time to spend shopping around. Doing so, might cost you a few hundred or even thousands of dollars over the term. Based on recent legislation introduced by the government on how the lenders obtain their mortgage funds, we have been able to obtain rates approximately .3 to .4% better than what your existing lender may be able to offer you upon renewal.
We can supply you with available options with your current lender and other available lenders, so that you will have all the information needed to make an informed decision.
Your current lender will usually mail out a renewal offer 30 days in advance to your maturity date with their lowest posted rate. This won’t give you much time to shop around for the best rate. Why not contact us approximately 4 months prior to your maturity date and we can lock in a rate and approval for you.
Don’t hesitate to contact us, we would be happy to analyze your mortgage and let you know your best options.