A better deal on your mortgage can save you thousands of dollars
Instead of accepting your current provider’s renewal offer straightaway, start comparing rates from other providers and mortgage brokers to see what else is available. You should begin shopping four months before your renewal date to give yourself the time to switch, if needed.
In any case, comparing available rates and switching providers is easier with help from a mortgage professional such as a mortgage broker. Getting expert advice is never a bad idea and, in the case of mortgage brokers, consultations are free.A couple gets from mortgage advice from a financial services representative in this stock image. . A rate hold lets you secure a mortgage rate well before your renewal date. Rate holds normally last 90 to 160 days.
Consider that most people’s incomes go up over time, and that your mortgage balance should have been going down because you’ve been making regular payments. Your financial position at renewal time is therefore often better than when you first got your mortgage. That means requalifying shouldn’t be an issue, assuming your employment and financial situations haven’t deteriorated.Many mortgage fees can be waived or can be covered by your lender if you ask.
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