Should You Renew Early Or Wait ?
We believe everyone who has a mortgage that will be renewing in the next year or so should absolutely be asking this question. Yes early renewal can mean a penalty but waiting can mean higher interest rates. So what do you do? Seek our assistance and we can go over your specific situation to find out if it makes sense for you to break your term and take advantage of today’s interest rates.
Below are examples of both fixed and variable rate terms that can help you see the benefit to early renewal.
Remember that these are just estimates however our clients that have opted to pay a penalty and early renew their mortgages over the last year are sure thankful they did! Because they talked to us about their options they will save thousands of dollars over the next 5 years.
Many of our lenders will cover the costs to transfer your mortgage and will also capitalize up to $3000 of any penalty so you don’t have to pay out of pocket.
Give us a call so we can give you the right advice to keep as much of your money in your pocket as possible!