Refinance / Renewal
At renewal, you can renegotiate everything pertaining to your mortgage - amortization, rate, term etc. with no penalties. Your lender will be interested in seeing you come back, but it's important to investigate your options and make sure you are getting the best deal possible.
Renewing your mortgage:
Renewing your mortgage is easy but it's not always in your best interest to renew with existing lender without renegotiating. As your mortgage nears its Maturity Date, it’s a great time to evaluate your real estate plans and consider your options. Our team of professionals will work with you to choose the right mortgage renewal term, interest rate and payment options. Our goal is to match your mortgage solution to your lifestyle or add flexibility. We work for you Not for lenders.
Strategies to consider when renewing include:
Making a lump-sum payment toward your principal loan amount
Increasing payment amounts to reduce total interest costs
Selecting a longer term to lock in a favorable rate
Selecting a shorter term for greater flexibility
Switching to a variable or fixed mortgage
A major financial institution's consumer debt survey found two-thirds (65%) of homeowners did not compare mortgages from more than one lender when they last renewed. In fact, 20% stayed with their current lender after maturity and did not negotiate; several banks will auto-renew you at posted rates versus fully discounted rates, which can be a difference of hundreds of dollars a month. Don't renew your mortgage with your eyes closed!
Mortgage renewal is also an important time to decide if you should roll your high-interest credit cards and other debt into your mortgage to get one lower payment, boost your cash flow, and save on interest costs. Or perhaps it's a good time to take some equity out for renovations, a second property or for investing.
Give us a call to explore the possibilities
Refinancing your mortgage:
Certain life stages or financial plans may require that you access the equity that you’ve built up in your home.
Refinancing allows you to take advantage of the equity in your home and direct it to other priorities including:
Financing home renovations
Freeing up funds for investments
Supporting family including children’s post-secondary education
When it comes to finding the right mortgage renewal or refinance rates and options that meet your future needs, our team of professionals are your best resource. With access to the best offers from multiple lenders, we can help you find a Renewal or Refinance option that will match your current and future needs, our team.
Make this the start of a new financial life. We'd love to help you crunch some numbers to see what kind of life you could be living! Talk to us about scheduling a free, no-obligation review of your situation. We guarantee you'll be glad you did.