What is the Mortgage Renewal Process?
Commencing your mortgage term, if there is still a balance on the mortgage that you still owe, you will need to renew your mortgage for another term. Upon every renewal, you can re-assess your financial situation and compare it to your current mortgage repayment schedule. This allows you to make changes accordingly to any new financial goals that you may have. Nearing the time of your renewal, your current mortgage provider will generally send you renewal information. This leaves you with the option of either signing the renewal form or applying for a mortgage renewal with a different broker. Allow us at Triple M Mortgages to take on this responsibility, and process the necessary paperwork and assist you with the mortgage renewal process.
What are the Benefits of Renewal with a Different Broker?
The major benefit of a mortgage renewal is the flexibility it offers the client in negotiating the terms and clauses of the mortgage with their broker. The previous interest rate that you may have been paying towards your primary mortgage may have lowered, and if you continue with your previously signed mortgage agreement, you may be paying extra. This is where renewing with a different mortgage broker may be more beneficial. It will allow for you to analyze the rates in the market and explore what your other options are. Your credit score may have also improved over the year due to the repayments that you have been making to your existing mortgage, which would essentially make you eligible for an even more affordable interest rate.
Factors to Consider Prior to your Mortgage Renewal
- Prior to the renewal date, it is advised that you start searching the rates in the market a few months prior. This allows for you to gain some helpful knowledge on what the current rates in the market are, and ensures that based upon this you are able to make an informed decision.
- Renewal with a new mortgage broker would mean that you have to go through a long term repayment period. If there are some financial goals that you have in mind, you might want to keep those in mind prior to signing a new renewal contract.
- Renewing within the last 30 days prior to mortgage maturing is ideal. It helps avoid the risk of having to pay a higher interest rate.
- The ultimate decision is on you to decide whether to renew with the same mortgage broker or to choose a new mortgage broker instead.
Why Choose Triple M Mortgages?
At Triple M Mortgages, our clients are our top priority. Any client looking for a mortgage renewal in Mississauga will be given advice on how to proceed with the renewal. We will address all changes that you might want to see reflective in the renewal contract and will work with you together in addressing these changes. Schedule an appointment today and let Triple M Mortgages handle the rest!