Mortgage Renewal

When it’s time to consider your mortgage renewal, it’s crucial not to overlook or delay planning for this significant financial milestone. Often, individuals tend to accept their lender’s renewal offer out of convenience, inadvertently missing out on potentially more competitive rates offered by wholesale brokers. While convenience is valuable, it shouldn’t come at the expense of thousands of dollars in extra interest or lock you into a restrictive product with penalties like prepayment clauses.

Given that mortgages are substantial financial commitments, a thorough review by your mortgage broker could be immensely beneficial. Alan can assess your current financial status, evaluate the renewal offer, and delve into your short and long-term housing goals. He might even secure a better rate at your bank without any additional cost if that aligns with your best interests.

The key here is foresight—planning at least five months ahead of the maturity date allows for negotiation and potentially securing a rate and Mortgage Commitment for up to 120 days, shielding you from potential interest rate hikes during the process.

As your mortgage maturity date approaches, it’s wise not to automatically accept the bank’s offer. Reach out to Alan for professional guidance before making any decisions.