When it’s time to renew your mortgage, your lender must by law send you a letter saying that your Toronto mortgage is about to expire. But, aside from the fact that the letter will say your mortgage will be over, it won’t tell you much. So, what are some tips to make sure that you get the best mortgage renewal? You need to keep on reading.
- Don’t ever sign that letter. Sure, it seems like the easiest thing to just sign the letter, send it back, and get your mortgage renewal all taken care of for you. But what’s convenient usually also costs you much more, and that’s true when it comes to your mortgage as well. Even if you’re staying with the same lender, you need to go in and see them personally to see if they can offer you a better rate.
- Figure out whether you want to change your lender or not, especially if your lender won’t give you a better rate than what’s stated in the renewal letter. Some of the reasons to change your lender are if: you are not satisfied with what your current lender is offering you; if you want to change your payment frequency; if you can’t currently make prepayments but want to; or f you just generally think that you can get a better deal elsewhere.
- Research lenders very carefully. If you are going to change your lender, you need to research all the ones you’re considering extremely carefully, especially if you’re trying to get out of a bad situation with your lender. You definitely don’t want to go from one bad situation to another.
- Find a Toronto or Ottawa mortgage broker that can help. This is really the only way to get you the best lender for you. A broker will be able to compare deals across the board for you and help find you the best rate. They already have an established relationship with many different lenders in your area, and they’ll not only be able to tell you about different packages, but they can also give you insider information on things such as which lender provides the best customer service.
Too many people think that once their mortgage application goes through, they don’t have to worry anymore about their mortgage – until it’s mortgage renewal time. Follow these tips and make sure that you get the best mortgage renewal for you, and that you don’t fall into another bad deal, if you’re just getting out of one.
