Mortgage Blog

Mortgage Renewals

January 20, 2023 | Posted by: Sharon Patton

When your mortgage comes up for renewal, your lender will send you a letter suggesting you renew at their current rate. If you do, you'll be renewing your mortgage with your eyes closed! This is your moment to negotiate, either with your current lender or a new one.

Do you know if the same lender remains your best choice? 

Did you know we can lock in a rate four months before your maturity date to protect you against any future rate increases? 

Let's look at why it is a good idea to let us do the leg work for you! 

A latest consumer debt survey found that two-thirds of homeowners (65%) did not compare products from several different lenders to make sure they were getting the best deal the last time their mortgage came up for renewal.

Auto-renewing your mortgage and not getting fully discounted rates could cost you hundreds of dollars each month.  With over 50 lenders to choose from we can get you the best rate possible. Wouldn't it be better to put that money towards reducing your mortgage principal? 

You also need to consider that your mortgage needs may have changed.
This may be a good time to roll your high-interest credit cards and debts into one payment to save on interest costs. With interest rates where they are today, this may be a good time to look at re-amortizing your mortgage to increase your cash flow. You may even want to take some of your equity out for renovations, a second property, or for investing. 

Your mortgage could be your best choice for the lowest-cost funds. 

When you switch your mortgage to a new lender, you can either assign your existing mortgage or apply for a new one should you want to borrow more funds. 

 We are here to help with this process step by step to make it as stress-free as possible. 

Did you know? 

 You won't have to pay for our services as the lender pays compensation for the services and solutions we provided for you. 

**OAC with traditional lenders**

Bring your renewal notice to us six months prior to your renewal date. Many lenders provide a 120-day rate guarantee on approved applications, to protect clients against a rise in mortgage rates. We will also be able to monitor the market and decrease your rate if we see any changes in that direction. 

There are some great options out there, let us have a look around for you. 

We are here to make sure your mortgage renewal meets your needs and that your financial future is protected. 

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We look forward to connecting with you soon. 

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