Is your mortgage coming up for renewal? Are you aware of all of the options renewing your mortgage can afford you?
Get a Better Rate
Are you aware that when you receive notice that your mortgage is coming up for renewal, this is the best time to shop around for a more favourable interest rate? At renewal time, it is easy to shop around or switch lenders for a preferable interest rate, as it doesn’t break your mortgage. With interest rates expected to come down as we move into the New Year, taking the time to reach out to me and shopping the market could help save you money.
Consolidate Debt
Renewal time is a great time to take a look at your existing debt and determine whether or not you want to consolidate it onto your mortgage. For some, this means consolidating your credit card debt, for others it could be car loans, education loands, etc. Regardless of the type of debt, consolidating into your mortgage allows for one easy payment instead of juggling multiple loans. Plus, in most cases, the interest rate on your mortgage is less than you would be charged with credit card companies.
Start on that Reno
Do you have projects around the house you’ve been wanting to get started on? Renewal time is a great opportunity for you to look at utilizing some of your home equity to help with home renovations so you can finally have that dream kitchen, updated bathroom OR you can use it to look purchasing a vacation/rental property.
Change Your Mortgage Product
Perhaps you’re finding that your variable-rate or adjustable-rate mortgages are fluctuating too much and you want to lock in. Alternatively, maybe you want to switch to variable as interest rates start to level out. You can also utilize your renewal time to take advantage of a different payment or amortization schedule to help pay off your mortgage faster.
Change Your Lender
Perhaps a different bank/lender has a lower rate or a mortgage product with terms that better suit your needs. You want to use renewal time as an opportunity to ensure that you are getting the value you want out of your mortgage.
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Regardless of how you feel about your current mortgage and what changes you may want to make, if your mortgage is coming up for renewal, don’t hesitate to reach out. I am more than happy to review your situation and discuss any changes that would be beneficial towards achieving your goals.
- Published by the DLC Marketing Team