Your mortgage is probably the biggest expense and investment of your life and it can deeply affect your life, so making sure you’re getting the renewal that’s best for you is important.
Start 6 Months In Advance
You definitely won’t want to rush any decisions you make when it comes to your mortgage and it takes time to get an idea of what other offers are available to you. Starting 6 months before your renewal time gives you enough time to do your own research and to shop around after you know what your current lender’s terms are.
Research Research Research
It’s time to search the internet and find out what’s available to you. It’s best to have an idea of what’s out there before you sit down with a potential lender, because knowledge gives you negotiating power. For example, If your original mortgage was with a bank, they may not be giving you the best rate available on market. Talk to a Toronto Mortgage Broker like myself as my rates might be different.
The rate isn’t the only factor to consider
Consider your length of mortgage payments, payment flexibility and other terms of your agreement and try to get the best deal available. Just make sure you understand all the options available and negotiate an agreement that works best for you. Don’t settle.
Consider Switching
Find out what fees or penalties you will incur should you decide to make a switch. Ideally you have a mortgage you can simply pay off and walk away but if not weigh the long term benefits of switching very carefully. If you’re bound by a poor rate or terms, you could save thousands by paying the penalty now and switching to a better deal.
Get a Toronto Mortgage Broker on Your Side
I can help you with all the negotiations, after all it’s my job to help you get the best deal and I know the mortgage world inside and out. Contact me today for more information on a mortgage renewal.
