Mortgage Renewal Considerations

Mortgage Renewal Advice

Typically, homeowners stay with their current lender until the mortgage term ends because it is convenient. However, making a call to your bank and asking some educated questions on rates could be well worth the effort. As a Mortgage Broker, Leo works on securing a better rate than your bank’s best offer by accessing more than twenty different lenders competing for your business. One hour reviewing your situation could save you thousands of dollars in the long run. It’s time well spent.

If you still owe an outstanding balance on your mortgage at the end of your term, you will need to renew your mortgage for another term. Understandably, the last thing you want to think about after getting approved for a mortgage is having to begin the mortgage renewal process. It’s important to remember that mortgage renewal allows you to reassess your current financial goals and adjust your mortgage accordingly.

TIPS

Mortgage Renewal FAQs

To help you better understand the mortgage renewal process, here are some tips and advice to consider:

SECOND MORTGAGE

Reasons to Obtain a Second Mortgage

  1. Reduce monthly debt payments
  2. Have extra cash to spend on other investments
  3. Purchase a new home for up to 100% of its appraisal value
    • Be cautious, high-interest rates are charged due to a higher risk of defaulting.
  4. Consolidating credit card debts by reducing your rates and payments and converting compound interest into simple interest.
    • Repayment amounts are higher than the initial mortgage. If possible, it’s better to use these funds for larger expenses.
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How to Get The Best Mortgage Rates

It’s strongly recommended that you work with a trusted mortgage advisor during the renewal process. As an experienced broker, Leo will help you secure the best mortgage rates available to help meet your financial goals. If you’re going through a mortgage renewal and have any questions or concerns, give Leo a call today.

Deciding Between Renewal and Refinancing?

Compared to renewal, which is just continuing the same mortgage you have for another term, refinancing is swapping your mortgage for an entirely new one.

Learn more about refinancing your mortgage on our mortgage financing page