Things Nobody Told You about Save Money from renewing your mortgage Renewing your mortgage is the process of replacing your current mortgage term with a new one. It happens after your current term or at the end of your current term. Your lender must send you a mortgage renewal statement at least 21 days before the end of your current term. As a result, you should start dealing with a mortgage broker immediately Your mortgage renewal statement contains the same information as your current mortgage term: • The balance • The interest rate • The term • The fees It's essential to read and understand your renewal statement. It's also important to remember that, though it's in the lenders' best interests to maintain their customers, you're not legally bound to stay with them for another term. If you decide to stay with your current lender, fight over the rate they give you or the rate indicated on your mortgage renewal statement. You can save money from renewing your mortgage If you follow these three easy principles, you can save money while renewing your mortgage: •
Make sure your renewal date doesn't sneak up on you:
Your mortgage will be automatically renewed if you remain inactive, and you will not save any money. Keep track of your mortgage payments so that your renewal date doesn't come as a surprise. You should start thinking about renewing your mortgage a few months before it expires. You don't have to wait until the last minute to make a decision. The longer you wait, the worse your chances of saving money become. •
Determine your objectives:
This may seem simple, but you must first choose what is most essential to you before you renew your mortgage. Are you planning a house renovation or renovation? Do you require more finances to send your children to college? Do you have unsecured credit that you can't get out of? Is your current lender able to satisfy your requirements? Maybe it's time for a change if your present lender doesn't appear to care about your financial well-being. If you don't change your mortgage broker or if you're unhappy with your current mortgage broker, you won't save any money while renewing your mortgage. •
Meet with a broker:
You should meet with a mortgage specialist even if you plan to stay with the same lender. They are on the front lines, so to speak, and are very well in the industry's ins and outs. When you ask a mortgage broker a question, they will know the answer. They also speak for you.