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Important Mortgage Renewals Tips

Thursday, April 8, 2021   /   by Mario Daniel Sconza

Important Mortgage Renewals Tips

Here are some important mortgage renewal tips that might help you too get a low renewal rate.


 



1. Second Opinion


 


A quick call to our mortgage brokers won’t cost you anything.


If you think your lender is offering an unbeatable rate, We can confirm that for you or offer you an even better deal. 


 


2. Negotiate a better Deal


 


Don’t assume your lender is too large and distant to be willing to negotiate with a borrower like you. Lenders want to keep you as a client, so use that information to your advantage.


 


 3. Consider the risks when choosing a Mortgage Type


 


Be aware about the risks associated with variable and fixed options - with availabe rate there is a possibility it will increase over the term of your loan especially if you purchased your home in a low interest environment and with a fixed rate mortgage be prepared for a harsh financial penalty if you brake your loan agreement.


 


4. Give Yourself Time


 


It generally takes a month for the renewal/refinance process to be completed. Instead of waiting until the last minute, start talking with your lender or mortgage adviser four to six months prior to renewal, so you have ample time to plot out your next move.


eXp Realty of Canada
Mario Daniel Sconza
4711 Yonge St 10th Floor
Toronto, ON M2N6K8
416-230-3476

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2021 Last Updated July 27, 2021
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