When Your Mortgage is up for Renewal



Mortgage Purchasing Self Employed

Important Tips for you for when your Mortgage is up for Renewal

When your mortgage renews, there are multiple options you can choose from:

1. Keep your mortgage with current lender

2. Get a lower rate at another lender

3. Refinance without penalties and get access to more equity

4. Get a re-advanceable mortgage

5. Get a line of credit

The key is to look at your options 3 to 6 months before your renewal date. This really means that you start thinking about it after your 4th mortgage anniversary. You do not want to do a last minute renewal with your current bank without considering all of your options.

Over a 5 year period, your mortgage decreased and your property most likely increased in value. This opens up a gap that gives you significant options. If you are an existing client, I already have you on my watch for renewals. So don’t worry about it, you will expect contact from me starting 9 months from before your renewal date. If I do not have your mortgage renewal date, message me and I will put you into our renewal watch system. Let’s keep your money in your wallet – not the banks!


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