Burlington, Hamilton, Oakville, Mississauga and Toronto Mortgage Brokers | Loewen Group Mortgage Professionals

Talk to our Mortgage Experts Today (289) 337-4029

Proudly serving Halton & GTA

3 Tips To Control Your Mortgage Renewal

When your mortgage is up and it’s time to renew, there is nothing that we as mortgage brokers can stress more than this: you have options! Whether it’s a Burlington private mortgage that you’re getting or renewing a second mortgage, your renewal is an opportunity to obtain several benefits.

Nearly 27% of Canadians renew their mortgage automatically once their term expires as opposed to searching the market for a better deal.

To help you potentially lower your payments once its time to renew, we’ve compiled a list of the top 3 tips to control your renewal.

  • Start shopping early

The general rule is to begin your mortgage shopping anywhere from four-to-six months before your mortgage expires. Not only does this give you a significant amount of time to find what you’re looking for, but it’s also the longest period that lenders will allow a guaranteed discounted rate.

A benefit to this is that should mortgage rates rise during this window, you are protected and still have access to the lower rate.

  • Swap lenders

Switching from one lender to a different lender is something that often gets overlooked by many people. People will often choose to go the easy route and renew with the lender they are familiar with; however, it doesn’t have to be this way if you want to look at saving money.

A bonus here is that if you switch lenders when it’s time to renew, you can avoid a penalty that you otherwise may be hit with.

  • Don’t settle

Another mistake that many people make when renewing their mortgage is settling for the posted bank rate. Depending on the lender, you can often negotiate a lower rate. Some lenders may offer package deals where they will offer you a lower rate if you transfer over other financial services to them, such as an RRSP.

BONUS TIP: Choose a mortgage broker!

Let’s face it. It’s no secret that shopping for a new mortgage at renewal time takes energy, focus and time to properly get the deal you desire.

A mortgage broker, such as one from our team, can handle all the heavy work for you. From negotiating terms and numbers to conducting research, a broker can save you a considerable amount of stress.

The best part is that it is generally free of charge for you since brokers are compensated by the lender!

Conclusion

When your mortgage is set to expire and you begin thinking about your next mortgage, consider reaching out to our team. We are experts in the mortgage industry and are committed to helping you get the right mortgage with low rates that is best fitted for your lifestyle.

Whether it’s a Burlington private mortgage, second mortgage or another type of loan, we are here for you. Contact us today to learn more!

About the author...

View all posts by James Loewen

Your reactions

Fields marked with * are mandatory

© 2017 Burlington, Hamilton, Oakville, Mississauga and Toronto Mortgage Brokers | Loewen Group Mortgage Professionals

CONNECT

Hours Of Operation

Monday - Friday: 9am - 5pm
Evenings & Weekends Are Available By Appointment

Location

5044 Fairview St,
Burlington, ON
L7L 0B4

Contact

Office: (289) 337-4029
james@loewengroup.ca
Thank You for checking out our site. We would love to know more about what you think. This could win you a free dinner for two. Just send us an email with what you would like to see in the best mortgage brokers site on earth, and you'll be entered into the draw. We would love to hear from you and Thanks again! -James
 
Show Buttons
Share On Facebook
Share On Twitter
Share On Google Plus
Share On Linkedin
Share On Youtube
Hide Buttons