5 Helpful Tips for Renewing Your Mortgage in Canada
Mortgage renewal time can be a stressful event for many homeowners in Canada. Your mortgage is up for renewal, and you may be wondering if you should stay with your current lender or shop around for a better deal. This comprehensive guide will provide you with tips on how to approach your mortgage renewal so that you can make the best decision for your needs.
Know the Current Mortgage Market
Before approaching your mortgage renewal, it's important to understand the current mortgage market. This will allow you to know if there are any changes that could impact your renewal, such as interest rate changes. You can stay up-to-date on the current mortgage market by reading mortgage news articles or by speaking with a mortgage professional.
Get Organized
Before meeting with your mortgage lender or broker, it's important to get organized. This means having your documents in order, such as your proof of income, proof of assets, and your current mortgage statement. Having all this information readily available will make the renewal process much smoother.
Know Your Mortgage Terms
It's essential to know the terms of your current mortgage before approaching your renewal. This includes understanding the interest rate, the term length, and any penalties that may apply if you were to break your mortgage contract early. Knowing these terms will help you to negotiate a better deal on your renewal.
Understand Your Mortgage Penalties
If you are thinking about breaking your mortgage contract early, it's important to understand the penalties that may apply. These penalties can be costly, so it's important to factor them into your decision-making process.
Compare Mortgage Rates and Mortgage Lenders
Have a mortgage broker compare the best rates, mortgage products, and lenders on your behalf. They can have access to staff rates and lenders who are not available to the public
THE BOTTOM LINE
Renewing your mortgage can be a daunting task, but it doesn't have to be. With a little bit of research and preparation, you can save yourself a lot of money and hassle. The most important thing is to shop around and compare rates from different lenders. Don't be afraid to negotiate with your lender for a better rate. And finally, make sure you understand all the terms and conditions of your new mortgage before you sign on the dotted line.
Level Up Mortgages is a mortgage broker team focused on helping the self-employed, new immigrants, non-residents, and investors, access the best rate and alternative lending in Canada. We have been nominated for best up-and-coming broker in Canada in 2021 and have been on CTV News and various publications because of our education-first approach to helping you always stay a step ahead of the process. Reach out to us for access to our first-time buyer course or a mortgage strategy session.