Most homeowners stay with their existing mortgage lender. Why? Because they believe it is too time consuming to get a better mortgage rate.
If your mortgage renewal is fast approaching (120 or less days away), then now is a great time to look at the many excellent options and competitive rates available. Mortgage brokers have many more options than your bank does and one of them may be a better fit for your situation. Did you know Lenders send out renewal forms just prior to renewal dates to those with good payment histories, 70% of homeowners send it back without asking any questions!
Life is hectic in today's world and it can be easier to just sign on the dotted line. However, you should ask yourself some questions before signing. Can you get a better rate? Can you get better pre-payment privileges so you can pay your mortgage down faster? Are you wanting to do home renovations or help your kids with school? Tapping into the equity in your home can make that a possibility. Renewal time is an important moment of opportunity. This is where an independent mortgage professional can help offer advice and options to help you get ahead. Advice is Free.
Having a mortgage checkup is a great way to make sure your mortgage is working well for you.
Here are a few of the areas we examine:
Rate - Is there a better rate out there that would reduce your payments and save you money? Rates are incredibly low right now.
Overall Debt Levels - Are you carrying debt at high interest levels? Depending on the equity in your home, you could refinance at a much lower interest rate and consolidate your debts into one payment.
Your Goals - Do you want to pay off your mortgage faster? Your current lender might have great pre-payment privileges that you can take advantage of, or maybe switching to a different lender would give you better pre-payment options. Would you like to invest in a second property? We can come up with a plan to make that happen. Maybe you want to access equity in your house to help your kids out. Again, we can make a plan.
Reviewing your mortgage annually is a great way to make sure it's working for you and helping you get where you want to be. Even if you don't think a change is needed, talking to a mortgage broker will allow you to assess your situation and make an informed decision. You may find that refinancing before your mortgage renewal will actually save you money and help you reach your goals faster.