Is your current mortgage term ending soon?
More than half of homeowners will immediately sign their mortgage renewal documents without even considering the possibility of better options being available to them. Our Mortgage Specialist will help you navigate which options work best for your situation.
The majority of lenders are required to send out a mortgage contract renewal at least 21 days before your term expires.
The contract will include
- The balance or remaining principle
- Interest rate
- Payment frequency
- The new term
- Any charges or fees applicable
The contract will also renew at the lender’s posted rate, rather than the best rate you would qualify for.
Before signing off on this renewal letter, you must consider the following:
- Does your budget enable you to increase your payments and speed up the overall mortgage payment while reducing interest payments?
- Do you wish to change the frequency of your mortgage payments?
- Are there additional payments to be made?
- Are you happy with the services and support offered by your current lender?
- Do you need to consolidate debts with higher interest rates and increase your mortgage amount?
- Do you require any new optional insurances such as life, critical illness, disability or employment insurance?
When the time comes to renew your mortgage we recommend speaking with The Woollam Mortgage Team to help you consider your options & assist you in obtaining the best rates available to you.
While switching lenders may incur some associated costs, The Woollam Mortgage Team will guide you through the costs relative to the overall savings. Leaving you feeling confident you have made the best choice for your mortgage product.