Upcoming Mortgage Renewal? Be Prepared.
Lately, I’ve been working with several clients that have upcoming mortgage renewals. Your current lender will probably send you a renewal offer in the mail, hoping that you just sign the bottom and send it back.
While the ease of that is undeniable, it could prove to be quite costly. Renewal offers from the big banks are rarely the best rates that are out there, and I have been able to reduce the interest rates of some of those offers by half. The fast and easy side of your mortgage renewal is to sign and continue on at the same rates. But, even by reducing your interest by half a percent can save you thousands in the long run! Mortgage renewal isn’t something that should be taken lightly as it’s a chance for you to start saving money!
Within 3 months of your renewal date, you should start thinking about what you are going to do. Mortgage Brokers can easily do the legwork for you and shop around and lock in the best rate at that time making life a little easier and relieving you of the stress of a rate spike between then and your actual renewal day.
Don’t be concerned with costs to switch, as most lenders will pay any fees with regards to switching the mortgage to them.
So as you can see, doing a bit of homework instead of just sending in your renewal form can definitely be worth your time. Even better, let Team Jardine do that homework for you.