Mortgage Renewal
Get better terms and lower rates on your renewal
Homeowners put a great deal of effort into securing their first mortgage, but they don’t do the same when it’s time for renewal. A renewal is a great opportunity to renegotiate everything about your mortgage – with no penalties. Auto renewing your mortgage means potentially missing this opportunity and leaving hundreds of dollars each month on the table.
Tip: Do not go with the first renewal offer given by your current lender. Call us and at no cost to you, we’ll shop around for you and get you the best possible deal on your renewal.
why talking to a mortgage agent for renewals is helpful
Mortgage Products
How a mortgage renewal works
01
lender sends a notice to renew
Typically lenders send a notice to renew 4 to 6 months before your renewal date with a few terms and rate options. This is the time to evaluate your situation and look at all possible options such as lender, length, type of rates (fixed/variable) among others.
02
evaluate your financial needs
What do you want from your next mortgage term? For e.g., do you need to access your home's equity for any major expenses? Do you want to lower your payments? A renewal is an opportunity to evaluate your needs and get your mortgage to work for you.
03
what lenders will evaluate for renewals
A mortgage renewal is still a new mortgage. Therefore, just like when you got your original mortgage, lenders will look at your personal credit history, the value of your home and your income and employment situation. We can guide you through all these steps.
04
What Not to Do during a renewal
Biggest mistake would be to accept your current lender's first offer. You might be potentially leaving thousands of dollars of savings on the table if you do that. It's always better to at least have a free, no obligation conversation with us, so that we can show you better options.
Call us today if your mortgage is up for renewal in 2023 !
How we help you renew
- We look for the best possible rates and options, based on your needs, across all our lender partners
- We also do a comprehensive overview of your financial situation giving you options you might not have considered. For e.g., Do you want to roll your other high interest debts into your lower interest mortgage? Do you want to take equity out for a major expense? Do you want to use your current equity for purchasing an income generating investment property? And many more..
- Most of our lenders will provide a 120 day rate hold for pre-approved clients that protects against a possible rise in mortgage rates
- There is no cost to you when you work with us to switch to a new lender
- We're always reachable and fast to respond to any and all your queries
Get in touch with us
Feel free to reach out and ask questions
We’re happy to answer any questions you might have. Please reach out using the form here, or using any of the options below.
- 647-779-1901 (Please text using SMS/Whatsapp for faster responses)
- Click here to schedule a free mortgage consultation
- ron@ronmortgages.com
- Working hours: Mon - Sat: 8:00am - 8:00pm
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