A surprising number of Canadians don’t take advantage of the opportunity they have when their mortgage comes up for renewal. This is the one time you can switch lenders without penalty. It is an excellent time to renegotiate your mortgage with lenders, whether you demand eliminating of prepayment penalties or get a better interest rate. Yet the majority of Canadian mortgage holders simply renew the mortgage with their current lender. This inertia literally costs them thousands of dollars over the life of the loan. Talk to a mortgage broker to learn how much money you could save every month. Our mortgage agency can help you shop around for the best rates and loan terms.
If your mortgage renewal is fast approaching then you need to know your options. There is no obligation to simply accept what your bank or lender offers. This is the time to consider various available options and competitive rates. If you act smartly, we can help you take advantage of early renewal. When your mortgage term comes to an end, you have the option to completely pay off your mortgage or renew it. At this time, we can help you review your financial situation and figure out whether you need a new term or another type of mortgage. If your financial circumstances have changed, you can either shorten your term to repay your mortgage faster or extend it to lower your monthly payment.
Before your existing mortgage comes to term, make sure you re-evaluate your current situation and long-term financial goals. A mortgage deal with a lender is for a specific period of time. When this mortgage term comes to an end, you need to renew your mortgage unless you pay the balance in full. Typically, people repay their full mortgage in multiple terms. However, they make the mistake of always renewing their mortgage without reviewing their current mortgage needs to ensure that they have the right product. At Continental Mortgage, we carefully evaluate the long-term and short-term needs of our clients, consider their changing lifestyle and financial situation, as well as shop for the lowest rates. So, before you renew your existing mortgage, contact us to help you find the best deal to meet your financial goals.
If your financial situation has improved, you may decide to increase your payments to pay off your mortgage sooner. You can also choose to change your payment frequency. Our mortgage renewal services can help you get market-leading interest rates, fast approval, and long-term savings. We help you get access to trusted lenders with the best rates and favorable terms. Our experts will negotiate the best deal to provide you with a new mortgage that suits you the best.