Getting the Best Rate on Your Renewal
If you are nearing the end of your mortgage term and are 4 months or less away from your renewal date, you should have already started exploring your renewal options with your current lender and also shop around with other lenders. A renewal is performed when your mortgage term is done and you still have a remaining balance to pay off. The best time to get started on your mortgage renewal process is 120 days (4 months) before the end of your term. This is because many lenders will allow you to renew your mortgage up to 4 months in advance without having to pay a prepayment fee or any other penalties. What many homeowners don’t realize is that they do not have to stay with the same lender.
Chances are a lot has happened in your life since you got your mortgage loan. Maybe your income has changed or perhaps your family has grown. This is a great time to talk to us about ways to reduce your monthly principal and interest payment, lower your cost of borrowing, or pay your mortgage loan off sooner.
The expert mortgage agents at Spark Financial Group are here to help you find the best possible rate for the renewal of your mortgage. With over 55 lenders to choose from, Spark will offer you a variety of great options and will help you choose the best option for your personal needs and future goals.
- 119 Westcreek Drive, Suite 3 Vaughan ON L4L 9N6
- (416) 844-8750