Renew your Mortgage

Is your mortgage renewal date approaching in the next few months? Most property owners do not realize that they do not have to remain with their current mortgage lender.

If you don’t renew or pay off your mortgage in full, the lender has the right to automatically renew your mortgage into a higher rate open term or could even lock you into a one year closed term. This has happened before!

It is vital that you have a Capital Mortgages agent working for you on renewal, perhaps even more so than when you took out your current mortgage. We will make sure you are offered the best renewal solution in rate, terms and pre-payment privileges.

When you get a mortgage with any lender, your contract is in effect for a specific time frame, called the mortgage term. In general these last from 1 – 5 years and even longer.  At the end of the term you will be offered a renewal by the current lender or you can pay the balance in full.

Review your mortgage needs near end of the term.

When your mortgage term comes to an end, you have to pay off your mortgage in full or renew it with the lender or make a change to another lender. This is a good time to review your mortgage needs and make sure you have the right product and services.

You should plan a few months ahead of time and consider if:

• Your budget allows you to increase your overall payment to pay off your mortgage sooner if possible and save on interest paid.
• Do you want to consolidate other debts that have higher interest rates added to your mortgage?
• Do you want to change your payment frequency and save on interest?
• Are you likely to make additional payments due to a bonus or other additional lump sum payments?
• Are you satisfied with the services offered by your current lender?
• Do you still need optional life, critical illness, disability or employment insurance on your mortgage?

Ready to start the mortgage renewal process? Contact us today to set up an appointment.