Mortgage Renewal

One mistake that many people make is not being proactive when it comes to their mortgage renewal. They don't shop around, meaning they will be handed a mortgage product and rate from their current lender, which may not be best suitable for them. 

Here's what you need to consider come renewal time: 

• Privilege Payments: Having a lower interest rate doesn't always mean you are getting the best deal. Some mortgage products may have a higher interest rate but allow you to make larger payments to decrease your balance faster. Having the ability to put more toward your balance could end up saving you thousands of dollars in interest.

• Portability: If you are thinking of possibly relocating or buying a different home when it comes up on the market, you're going to want to know what the options are to port your mortgage to a new home.  

• Penalties: If you may be buying your mortgage out early, you may want to take a closer look at the penalties the lender may have. Some lenders can charge tens of thousands of dollars, whereas others will only charge a few thousand.

• By sitting down with a mortgage broker, like myself, you will be able to discuss your financial goals and abilities over the next few years. When you can do this, you will pinpoint what you need to do with your mortgage. This makes it easier for a mortgage broker to find the best product out there for you and your needs. If you want to discuss your options, you can contact me, and we can go over all the details