Mortgage Renewal

Is your mortgage up for renewal soon?  Hoping for a better rate or mortgage product?  A mortgage broker can be a great asset when it comes to your mortgage renewal.  They will review your current mortgage renewal with you and let you know what options are available.

Things To Consider When You Are Up For Mortgage Renewal

Are you planning on moving?  Typically your lender will offer you a 5-year term when renewing, but what if you are planning on moving in the next 2 to 3 years?  It might make the most sense to renew in a shorter term.  By doing so, you will save on penalties.

Are there better rates or products available?  A mortgage broker has access to multiple lenders, banks, and credit unions.  This means they can negotiate and find the best mortgage to fit your needs.

I want to renovate, can I add it into my mortgage at renewal?  Want to renovate the basement?  Upgrade the windows?  Furnace?  Put in a pool?  Adding funds to your mortgage when up for renewal is possible, and a great time to do it!  Not only will it save you penalties but also the time as you are renewing anyway!

Can I change my mortgage length?  Do you make more money now?  or maybe less?  Changing your mortgage length, also known as the amortization period, at mortgage renewal time is possible.  Decreasing the length will increase your monthly payment and pay it off faster.  Whereas increasing will reduce the monthly payment but take longer to pay off.  Each option has its benefits depending on your life situation.

What if renewing with the lender is the best option?  This is what we are here to help you determine!  If after reviewing everything we determine that the current offer is the best option for you.  Well then, we will help you renew with that lender.  We are here to help.


Mortgage Docs

The Process

  1. Review your proposed mortgage renewal documents together.  You will receive these from your lender in the weeks prior to renewal.
  2. Discuss your options, how your situation may have changed, what the future holds, and if moving to a new lender makes sense for you.
  3. Decide if you are going to move to a new lender.  Yes – go to step 4.  No – Sign your mortgage renewal and send it to the current lender.
  4. Complete our online application and client consent.
  5. We will review the application, pull your credit bureau and get to work!
  6. You will supply your supporting documents.  We have a great tool that allows you to upload pictures right from your phone!  Plus it’s secure!  We’ll supply the link when the time comes.
  7. We will send it off to the lender for approval, the usual turnaround time is 24 – 48 hrs.
  8. The lender provides a commitment letter ~ which will outline the mortgage product, terms, rate, pre-payment privileges, lender commitments, and client expectations.
  9. Review and sign the commitment letter ~ we will get together in person or virtually to discuss the commitment and have you sign.
  10. The new mortgage is instructed to your real estate lawyer.
  11. You sign with the lawyer.

We hope this helps fill in the blanks.  We are always here to help answer any questions you may have.  Trust me, there is no such thing as a silly question when it comes to your mortgage.  We want you to feel informed and comfortable throughout the process.  Mortgage renewals can leave you with lots of questions.  Don’t be shy!


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Mortgage Broker No 315872