Renewing your mortgage? Read this first!

October 3, 2011 | By | Add a Comment

Think of your mortgage renewal as a valuable opportunity. It’s a chance not only to take advantage of today’s great rates, but also get a mortgage product that better fits your current needs.

When you receive a renewal notice from your current lender, don’t simply sign it without knowing all your options. If you do so, you could be paying a higher rate than you need to, and end up with a mortgage that might not be best suited to your requirements.

Often, by the time your mortgage comes up for renewal, you are most likely in a different financial position than when you first obtained it. As our financial and life circumstances change, so does the mortgage product that is best for our needs and goals. For example, you may wish to access your home’s equity to consolidate other debts (especially high interest credit card debt), or perhaps help pay for a renovation or investment property.

So make sure to review your options thoroughly. Feel free to call me to discuss your situation. We can discuss your interest rate options, and help you with a customized mortgage strategy.

At renewal time, take the time to ensure you get the most from your financing. We can speak to any concerns you may have about interest rate trends and advise you on what to do as your mortgage renewal approaches.



– powered by Mortgage Intelligence


Photo credit: Thanh for openphoto.net

Filed in: Refinance

About the Author (Author Profile)

I'm a Toronto Mortgage Broker. My focus is on saving people time and money in financing and re-financing their homes. Am passionate about helping people make informed choices, giving back, and helping to improve financial literacy in Canada.

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