
Tips for Renewing Your Mortgage
Don't leave your mortgage renewal to the last minute. Begin discussions with your current lender or a mortgage broker well in advance, ideally four to six months before the scheduled renewal date. This will give you enough time to compare offers and negotiate the best possible rates.
The renewal rate offered by your current lender can often be higher than the market average. Do your research to ensure you're getting the most advantageous rate for your specific financial situation. A mortgage broker can help you access reduced rates through their privileged relationships with multiple lenders.
Don't limit yourself to only comparing interest rates. Also, explore other options such as changes to amortizations or adjustments to the type of rate (fixed or variable). Make sure your new mortgage aligns perfectly with your financial needs and goals.
Mortgage brokers can help you navigate the complex landscape of mortgage products. Their in-depth market knowledge and relationships with multiple lenders often allow them to secure more favorable terms than if you were working directly with a lender.
Significant life events, such as starting a family or getting a promotion, can have a significant impact on your financial needs. Take advantage of these transitional moments to reassess your mortgage situation and adjust your strategy accordingly.