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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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How To Save Money While Renewing Your Mortgage

Posted onNovember 06/2015By

When it comes to mortgage renewals, we’re often at a loss. Do we stay with the same lender? Do we switch from a variable to a fixed rate? Most importantly, how do we save money? It is possible to save money while renewing your mortgage if you follow our three simple rules: Don’t let your renewal date creep up on you: If you remain passive with your mortgage, it will be automatically renewed and you won’t save any money. Stay up-to-date with your mortgage so that your renewal date doesn’t seem to come out of nowhere. You can start looking into renewing your mortgage a couple months before your renewal date. You don’t have to wait until the last minute. The longer you wait, the less chance you have of saving money. Your lender will send you a notice right before your renewal date but don’t wait until you get…

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How to Renew a Mortgage

Posted onMay 11/2015By

It’s fast approaching, that time that every homeowner is faced with: Mortgage renewal. Without the right broker, the renewal process can be far scarier than it sounds. However with one of our mortgage professionals at Northwood, you’ll be able to renew your mortgage in a simple and smooth process. But how does a mortgage renewal work, and when should you start the process? A good broker will contact you at least four months prior to your renewal date. There are many reasons that you are given a head’s up. You may have forgotten that your mortgage needs to be renewed or your broker has already started looking around for you. Either way, advanced notice should be welcome. When you sit down with your broker, you can lay it on the table. Maybe your needs have shifted and the terms of your current mortgage don’t apply to your financial situation anymore.…

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