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!