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 some time to reach out to me and shopping the market could help save you money!
Consolidate Debt
Renewal time is also a great time to review your existing debt and determine whether or not you want to consolidate it onto your mortgage. For some, this means consolidating your holiday credit card debt into your mortgage, for others it could be car or student loans. 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 Renovation
Do you have projects around the house you’ve been dying 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 even utilize it to purchase a vacation property!
Change Your Mortgage
Are you not happy with your existing mortgage product? Perhaps you’re finding that your variable-rate mortgage is fluctuating, and you want to lock in. Alternatively, maybe you want to switch to variable as interest rates start to level out. The interest rate decision is highly personal. We can guide you through how to make the decision. 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
Not happy with your current lender? Perhaps a different lender has a lower rate or a mortgage product with terms that better suit your needs. A mortgage renewal is a great time to switch to a different bank, national mortgage lender, or a credit union to ensure that you are getting the value you want out of your mortgage if you are finding that your needs are not currently being met.
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 or is ready for renewal, please don’t hesitate to reach out to us.
We would be happy to discuss your situation and review any changes that would be beneficial for you to reach your goals; from shopping for new rates or utilizing your home equity. We can help you find the best option for where you are at in your life now and help you to ensure future financial success.
