THE ADVANTAGE OF EARLY RENEWALS
Buying your home was the biggest financial decision you made and you shopped around for the best mortgage product to suit your needs. Deciding to renew early is also a good time to shop around, for a number of reasons: Your current lender may not offer the best renewal rate; your financial situation may have changed and you may need to refinance; your goals may have changed and you may want to access equity for investment purposes. There are any number of scenarios that would necessitate an early renewal.
But where do you start? In CMHC's survey, 55% of homeowners said they renewed early to avoid rate increases; however, less than half of them negotiated the terms with their current lender. Your lender will send your renewal documents approximately six months before renewal, which gives you time to do some research.
Working with me can help. A broker will review your situation with you and offer options to help you make informed decisions for short term and long term goals.
Here are a few more highlights from the CMHC survey:
To find out your options at renewal time or earlier, call me today. Let's review your situation and get you the best possible mortgage deal.