The reason why most Canadians do not review the terms of their mortgage contract is that they are uninformed regarding the latest terms that are available on the market. This is an unfortunate situation taking into consideration that renewal provides homeowners with the opportunity of negotiating a lower rate, not to mention that it is possible to capitalise rates before they actually rise. Therefore, if the mortgage is coming soon, you have to take advantage of this chance. Hire a mortgage broker like Eileen Crosbie to talk with the bank about the possibility of renewing the mortgage. You can save a lot of money.
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There is no moment like the present
The truth is that at some point you will be required to renew the mortgage at higher rates. The good news is that homeowners are provided with the chance of renewing the mortgage at lower rates. Taking into consideration that these favourable circumstances will not last forever, you should renew in time with your lender. Other people are certainly taking advantage of this opportunity. To be more precise, the vast majority of Canadians actually prepare for renewal in advance of the maturity date. They do so in the first three or six months ahead of time. Equally important is that banks themselves send customers early notices with the purpose of providing them enough time to shop around for deals.
What are the benefits?
The most important aspect is that mortgage renewal lets you change the terms of your mortgage. This means that you have the possibility to cash back your mortgage with the purpose of funding an urgent renovation or even doing some repair work on your home. Thanks to the early renewal, you will be able to negotiate a lower rate for the next term, not to mention that you can capitalize on the current rates. Basically, you enter a new term that offers you the rate that you desire. In order to explore the world of early renewal, all you have to do is browse the web. Early renewals are actually one of the simplest mortgage transactions.
Tips to help you renew your rate
Not only is it important to get going early, but also to do your homework. This means that you have to discover what other lenders are offering. If you go online, you will be able to see the current rates of banks. When dealing with the bank you should demand it to match the offer to what the competition currently offers. Getting a better rate supposes asking for one. However, why should you go through all this trouble when you can hire a mortgage broker to negotiate on your behalf?