What to do when your mortgage is about to renew!

What does it mean if you have an upcoming mortgage renewal?

When you have an upcoming mortgage renewal this means that the contract you sign with your existing lender is ending. When you get a new mortgage you choose a term this can be any number of years from 1 to 10. Your term can be open or closed and your rate can be fixed or variable. Either way when your term nears its end it will be time to explore your options!

What do you need to do?

You have a few different options when your you have a mortgage renewal coming up.

1) You may choose to remain with your existing lender

2) You may want to explore your options with other lenders (we highly recommend this one!)

or 3) If you have the means you may want to pay off your mortgage in full

If you choose option 2 we can help you find out what else is out there in terms of rate and product. Because we work with many different lenders we are able to shop around so you don’t have to. This saves you time and money! When you choose to change lenders we call this a mortgage transfer. If you choose to access your equity at the time of renewal we call this a refinance.

As we have mentioned in previous posts and blogs we HIGHLY recommend you do not just renew with your current lender. If you have an upcoming mortgage renewal let us put the work in to make sure you are getting the best deal for your situation! Leave it to us professionals at Mortgage Alliance Advance Mortgage, your go to mortgage broker Red Deer!

You can read about us here!