The best time to start looking at renewing your existing mortgage is 120 days before your maturity date. Your existing lender may send you a renewal offer in the mail. Never just sign the offer, as there is always room to negotiate on rates and ensure you’re getting the best possible mortgage for your current situation (which may be different than it was when you first received the mortgage). I am here to help you so that you don’t have to do those negotiations alone.
Frequently Asked Questions
I just got a renewal notice in the mail for my mortgage, what should I do?
Please read the letter thoroughly and then contact my office to arrange to send it to us so we can review it on your behalf and provide you with an expert second opinion. Do this once the letter is received as while they do send these in advance, we don’t want to lose any precious time in reviewing what options are best for you in time.
Mortgage rates seem to be constantly changing, what should I do if the rates offered are better than my current mortgage rate?
Interest rates do often change. If interest rates fall below the current rate you have, a detailed analysis should be done to determine if you should break your current mortgage early. For most mortgage holders, there are penalties for breaking your mortgage early, and the amount depends on a number of factors including your current mortgage product, lender, rate and mortgage balance. A quick phone call to us can help you determine what rates you could be eligible for, and if it makes financial sense for you to renew your mortgage early.