Mortgage Blog
Don't Renew With Your Eyes Closed!
October 31, 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. Your current lender is providing you with one option. Don't renew with your eyes closed!
This is your moment to negotiate, either with your current lender or a new one. Working with us will provide several options to meet your financing needs.
Do you know if your current lender is your best choice?
Have your mortgage needs changed?
Are you looking to increase your cash flow?
Are you worried about rates?
Let's take a look below at why working with us will help to answer your questions and provide you with a solution to protect your financial future.
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 on their last mortgage 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 financial goals may have changed. With interest rates where they are today, this may be a good time to look at:
- Rolling in your high-interest credit cards and debts into one payment to save on interest costs.
- Re-amortizing your mortgage to increase your cash flow.
- 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 and increased cash flow.
At renewal, it is a good time to decide whether you should consider:
a fixed or variable mortgage
increase or decrease your payments
take advantage of prepayment privileges to pay your mortgage off faster
If you do not need additional funds, you can still switch your mortgage to a new lender. We are here to help with this process, step by step, to make it as stress-free as possible.
Did you know?
You don't have to pay for our services, as the lender pays compensation for the services and solutions, we provide for you.
**OAC with traditional lenders**
Bring your renewal notice to us six months prior to your renewal date, to review your personnel options.
Many lenders provide a 120-day rate guarantee on approved applications, to protect clients against a rise in mortgage rates. We will monitor the market and decrease your rate if we see any changes in that direction.
There are some great options out there, let us do the shopping around for you. We are here to make sure you renew your mortgage with your eyes open, and that it fits your financing needs to secure your financial future.
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