Mortgage Renewls
& Switches
Know Your Options, Needs and how to Achieve Them
Is it the end of term for your mortgage? Take advantage of some recent rate drops ? A trusted Mortgage Agents and brokers can guide to and lead you to educated decisions and choices that best best suit your needs​
Renewing at the end of your term:
Whether it be a 1 year, 3 year, 5 year or 10 year mortgage, when it comes close to the end of its term the bank will likely mail you renewal option documentation. If you choose this option all you need to do is sign it and send it back. However, this option rarely ever contains the best rates or offers available. The bank is depending on you to not shop around. Always talk to a Mortgage Agent first.
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Todd can review your situation and the bank's offer, determine if it is fair market rate or if he can find you better value elsewhere.
Renewing early:
Are rates dropping? Are you curious if its worth exploring renewing your mortgage early? Let's take a look to see if there is value there or if you are better off where you are?
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Most lenders have a penalty or fee to break an existing mortgage early, whether it is a 3-month penalty or interest rate differential penalty it may not be worth it to break now. However the savings with a rate drop over the period of the new mortgage may make the penalty worthwhile. Let's do the calculations and figure out whether or not the savings are worth it for you.