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All You Need to Know About Mortgage Renewals

By Rod Nevis Mortgage Specialist

All You Need to Know About Mortgage Renewals

01/23/2020 Mortgage renewals are needed when your current term needs to be extended or renewed for a new term. Whether your mortgage term is one, three or five years, it will eventually run its course and come to an end, requiring renewal.
Why would I need a mortgage renewal?During every renewal is a chance to negotiate changes to your new contract and discuss a new term length, a different interest rate, and take into account any other new considerations. Your mortgage usually has an amortization period of roughly 30 years, which is the time it will take to fully pay off your mortgage. During these 20-30 years, however, many things can change. The housing market can crash or take unexpected ups and downs, interest rates can plunge or peak, and your own financial situation can change for worse or for the better. Mortgage renewals give you the perfect opportunity to tweak your contract according to your needs and changing lifestyle and finances. This will make sure the mortgage is working for you, which will help you, in turn, pay it off much faster.
Your Needs Will ChangeOver the course of 30 years, many things can change, as previously mentioned. Maybe your family is growing and you need to upsize your home, move cities due to a work promotion, or downsize to an apartment because your children have moved away to college. These are all things you will need to take into consideration when you first sign onto a mortgage contract.
Shop For Mortgage Renewals Early OnBefore your current term expires, you will get a letter 21 days before expiry. It’s important to keep all of your original documents and check back every once in a while so you can prepare for the renewal process ahead of time. Start researching lenders, currently available rates, and see what your options present-day are compared to what your newly-expired term offered. What can you tweak? What can you change? What worked for you before, and what no longer will?
Learn How to Negotiate for the Best Mortgage Renewals and RatesIt’s important to either be good negotiators if you are shopping for a renewal at a bank directly, or find an experienced mortgage broker like Rod Nevis who is good at negotiating and getting you the best rates for mortgage renewals. A professional will know where to look for the best deals, and how to negotiate better rates for your individual needs and unique financial situation.
Are you on the market for mortgage renewals? Get in touch with us to get started and learn more about what we have to offer.

About This Author

Rod Nevis Mortgage Specialist

Rod Nevis Mortgage Specialist

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 12.0px Helvetica; color: #454545} Rod Nevis is a highly qualified real estate investor with over 15 years of experience in the mortgage and real estate market. With over 1200 successful mortgage applications, Rod strives to consistently exceed his …

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