Call Us Before You Renew Your Mortgage!

If you are reaching the end of your mortgage term – and you are not fortunate enough to be able to pay your entire mortgage off in full – you will have to renew your mortgage. Generally, as homeowners near the end of their mortgage terms, they will receive some form of communication from their lender letting them know that the time to renew is nearly here.

But while this may seem like a no-fuss, no-muss option, it is rarely the best option. In fact, signing off on that offer to renew your mortgage before you consult with your mortgage broker could actually end up costing you thousands of dollars.

This is because lenders know that most homeowners are going to sign the offer without shopping around first. So there is very little incentive for lenders to offer you their best interest rate on their offer renewal letters. When it is time to renew your mortgage, you should seek out the help of a professional mortgage broker like the ones at Akal Mortgages.

How can a mortgage broker help you at mortgage renewal time?

When it is time to renew your mortgage, it is always advised that you work with a mortgage broker rather than going straight to your lender. Here are a few ways that a mortgage broker can help you renew your mortgage.

Help you get the best interest rate.

As mentioned, your mortgage broker can help ensure that you get the best possible interest rate when you renew your mortgage. Because brokers work with dozens of lenders, they can shop around on your behalf. Even if you would like to renew with the same lender, chances are that your mortgage broker will be able to negotiate a better rate for you than the one on your mortgage renewal offer.

Change your type of mortgage.

When you get an offer to renew your mortgage from your lender, they will very likely assume that you want the same type of mortgage (i.e. fixed or variable) that you had before. But that isn’t always the case. If your financial situation has changed over the term of your mortgage, it may make sense to change the type of mortgage as well.

Your mortgage broker can explain the different types of mortgages to you and make a recommendation based on your current situation.

Discuss other options.

Do you want to start paying your mortgage off faster? Do you need a mortgage that will let you reduce the amount you are currently paying? Your mortgage broker can discuss various amortization options and other mortgage features that might align with your goals.

When you renew your mortgage, they can help you get the options that you need.

Contact Akal Mortgages today!

Is it time to renew your mortgage? Don’t sign anything before you talk to us! Call us today to speak to one of our brokers.