Guide to Renewing Your Mortgage
You’re in Control!
1. Remember as a homeowner, you have bargaining power. Lenders will be eager to retain your business and compete for it. This is where a mortgage broker can be a valuable resource. Your first step is to reach out to a broker. With current low interest rates and a wide range of innovative mortgage options, you could potentially save thousands of dollars by shopping around.
Shop for the Best Deal
2. An independent mortgage broker can help you compare offers from over 50 lenders to find the best interest rate and options for your renewal. After all, a lower rate can save you a significant amount over the life of your new mortgage.
Consider Your Options
3. You’ll be presented with a range of loan options, so work with your broker to choose the one that best fits your needs. In addition to finding the lowest rate, consider whether a fixed or adjustable rate is more appropriate for your situation.
Ask for More
4 There will be various fees and costs associated with renewing your mortgage, such as legal and administrative fees for transferring the mortgage, as well as a mortgage discharge fee. Your broker can request that these costs be waived, so it’s worth asking as the mortgage market is competitive.
Enjoy the Peace of Mind
5. That’s it! Once your renewal is completed, you can relax and take pride in a job well done (and be sure to thank your mortgage broker too).