Understanding Mortgage Renewal in Canada
- Know Your Renewal Date:
Mark your calendar! Your lender will typically notify you of your mortgage renewal well in advance. It’s crucial to be aware of this date to allow ample time for preparation and decision-making.
- Assess Your Financial Situation:
Take a closer look at your current financial standing. Consider changes in income, expenses, and any shifts in your long-term financial goals. Understanding your financial situation will influence your decisions during the renewal process.
Negotiating Rates:
- Research Current Rates:
Before entering negotiations, research the current mortgage rates in the market. This knowledge provides you with a benchmark to gauge the competitiveness of the rates your lender offers during the renewal process.
- Negotiate with Your Lender:
Don’t hesitate to negotiate with your existing lender. They want to retain your business, and often, they are willing to adjust rates or offer additional benefits to keep you as a customer. Be prepared to leverage your creditworthiness and loyalty to secure favorable terms.
Consider Your Options:
- Stick with Your Current Lender:
Renewing with your current lender is a straightforward option. However, it’s essential to explore the terms they offer and ensure they align with your financial goals.
- Shop Around:
Don’t be afraid to explore other lenders in the market. Shopping around allows you to compare rates and terms, potentially leading to a more advantageous mortgage package.
Assessing Your Mortgage Needs:
- Review Your Mortgage Terms:
Take this opportunity to review your current mortgage terms. Assess whether they still meet your needs or if adjustments are necessary. This could include changes to the length of the mortgage term or considering a switch from a fixed to a variable rate, or vice versa.
- Consult with a Mortgage Professional:
Seeking advice from mortgage professionals, like the Angela Calla Mortgage Team, can provide valuable insights into market trends and help you make informed decisions about your mortgage renewal.
Conclusion:
Canadian mortgage renewal is a pivotal moment in your homeownership journey, and understanding the process is key to making sound financial decisions. From negotiating rates to assessing your financial situation and exploring your options, this guide empowers you to navigate the renewal process with confidence. Whether you choose to renew with your current lender or explore new opportunities in the market, taking a proactive approach ensures that your mortgage aligns with your evolving financial goals. As your mortgage term approaches its end, use this guide to guide you through the renewal process, and secure a mortgage that suits your needs and sets the stage for continued financial success.
Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.
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