If your mortgage term is coming to an end in the next few months…do not “early renew” with what your existing lender offers you. Rates are continuing to go down so please do not cut yourself short!
Things to think about when up for renewal.
- Do you have any high interest credit cards or loans you would like to roll into your mortgage?
- Can you qualify for a re-advancable mortgage?
- How long are you planning on staying in your existing home? Why sign for a 5year term when you might move in the next 2-3years?
- How does my existing lender calculate mortgage penalties?
- YOU HAVE TIME! Don’t succumb to bank peer pressure.
Even if you are close to your renewal date, there are a few strategies that we can implement to give you time even after your deadline.
Let’s work together to ensure your mortgage is working for you and not the other way around.