enewal time offers an ideal opportunity for homeowners to make a major change in their mortgage.
Your lender is required to send you a renewal notice at least 21 days before the end of your current term. About three months before that, start shopping. Since it’s more than likely you are not in the exact same financial situation you were in five or ten years ago, your mortgage shouldn’t stay the same either. Maybe you’ve just received a raise and are in a position to make higher payments. Or interest rates have changed. Or perhaps you’re simply curious. Whatever your reason, when renewal time comes around definitely take the time to compare your current lender’s offer with others.
Because many are uncomfortable with the art of negotiating, brokers such as Mortgages By Candice offer professional consulting services for free. Brokers work with several lenders and have numerous resources available to bargain for the best rates.
Unlike regular lenders, Mortgages By Candice will review your mortgage several times a year to see if it’s still the best product for you. Rates change and new products come on the market regularly, and Mortgages By Candice keeps an eye on them all.
You CAN change lenders, and renewal time is the perfect time to do it. Provided there are no major complications with your mortgage, if you renew with a new lender they will generally process the application and take on any fees that may be applied.
Rates have dropped over recent years and homeowners shouldn’t be shy about asking questions. There is plenty of competition for your business, so take advantage! Renewal time is the perfect chance to further tailor your mortgage to suit your individual needs.