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9 Simple Tips for Renewing Your Mortgage

Posted onJuly 05/2021By

When it’s time to renew your mortgage, many homeowners simply sign the papers. However, if you want to save yourself some money there are a few easy things you can do to get a better mortgage rate and terms. 1. Research mortgage options Investing a little time and researching your mortgage options may uncover a better option. Simply look online at what the current mortgage rates and terms are and compare them to what your lender is offering you. 2. Know your future plans Consider any life changes that you anticipate in the next few years. Will you be relocating?…

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Should I Renew My Mortgage?

Posted onMay 24/2021By

Deciding to renew your mortgage can be a big decision. If you are undecided about whether the time is right, then here are some things to consider. Plan Early Don’t wait until your mortgage term is over before you make a renewal decision. Consider how your situation has changed since you first got your mortgage. The sooner you can assess your new mortgage needs, the more time you’ll have to find a product that is right for you. Remember that if you decide to switch lenders, you’ll need to go through an application and approval process, which can take some…

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Different Techniques to Negotiate Your Mortgage Renewal and Save Money

Posted onNovember 11/2019By

For most homeowners in Canada, their mortgage payment is their most significant monthly expense. And unless you’re able to pay off the balance in your first time, then you’ll have to renew your mortgage. A survey by Angus Reid found that nearly 27 percent of homeowners opt for automatic mortgage renewal when the term is up instead of negotiating for a better deal to save money. With the recent changes to the mortgage market, now is an excellent time to review your mortgage terms for a better solution that is more favourable for you and your family. So, before signing your mortgage renewal and sending it back, here are a few tips to help you get a better deal: Don’t Accept the First Offer Many people assume that their bank will give them a good deal just because you’re taking the business to them, or perhaps because you’ve been banking…

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Steps to Follow Before Signing a Mortgage Renewal

Posted onOctober 21/2019By

For the vast majority of Canadians, the biggest monthly expense will be their mortgage payments. Despite that fact, many Canadians—roughly 25%—will renew their existing mortgage once the term has ended. Instead, what they should be doing is taking the time to explore the various options at their disposal. Here, we will go over some things that you should do before a mortgage renewal, which could save you thousands of dollars in the process. Start Early The first thing you should do is start exploring your options about five months before you are up for a mortgage renewal. By doing so, you will be guaranteed a discounted rate by various lenders before time expires. If your current lender decides to increase their rates, then you can fall back on the guaranteed discounted rate. However, if your current lender were to drop their rate, then you negotiate a lower rate and stick…

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Rejection of Your Mortgage Renewal? Here’s What You Can Do

Posted onMay 14/2018By

It’s possible that you can be denied a renewal at the end of your mortgage period. It is sure a tough situation to maneuver – knowing that you will not have a home after the period expires. If you find yourself in this situation, there are alternatives that you can explore to get another mortgage renewal. Why Was Your Mortgage Renewal Denied? If you have never missed a mortgage payment, then your mortgage provider doesn’t have a valid reason not to approve another mortgage. If you stick with the same lending institution and don’t consider moving to another, then you might be paying higher monthly installments. Although the mortgage payments will be higher, your requalification and renewal are not going to be challenged, and the process is going to be smooth. The most important reason that most people get a rejection of mortgage renewal request is missed payments. Sometimes, in…

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