Unlocking Financial Opportunities: The Remarkable Benefits of Mortgage Renewal You May Not Know About

General Mark Goode 15 Jan


Is your mortgage coming up for renewal? This is the best opportunity to reassess the terms of your existing mortgage and make adjustments based on current marketing conditions and your financial situation. We have included some details on how to make your mortgage renewal work for you in 2024.

Time to Get a Better Rate

When you receive notice that your mortgage is coming up for renewal, it is the best time to shop around for a more favourable interest rate. Renewal time, is the easiest time to shop around or switch lenders for a preferable interest rate as it doesn’t break your mortgage. With interest rates expected to come down as we continue to move through 2024, it is an excellent time to reach our to our Mortgage Man DLC team to shop the market which could help save you money!

Change Your Mortgage Product

Are you happy with your existing mortgage product? If you answered no, now is the perfect time to find a product that best suits your current financial situation and future goals. Perhaps you are finding that your variable-rate or adjustable-rate mortgages are fluctuating too much and you want to lock in, or, maybe you want to switch to a variable as interest rates begin to level out. At this time, you can also take advantage of a different payment or amortization schedule to help pay off your mortgage quicker or better align your mortgage with your cash flow.

Renew with Existing Lender or Find a New Lender?

Many borrowers simply renew their mortgage with their current lender, but this is an excellent time to contact our Mortgage Man DLC team to explore offers from other lenders that better suit your needs. There are many benefits to using a mortgage professional.

Do You Need to Consolidate Debt or Start a Home Renovation?

Renewal time is also a great time to look at your existing debit and determine whether or not you want to consolidate it into your mortgage. You may have high interest credit card debit following this holiday season, a vehicle loan, education etc. Regardless of the type of debit, consolidating into your mortgage allows for one easy payment instead of juggling multiple loans and varying high interest rates. In most cases, your mortgage interest rate is less than you would be charged with credit card companies.

If you have been considering a home renovation, renewal time is the best opportunity for you to utilize some of your home equity to build that dream kitchen, finish the basement, update that dated bathroom or utilize it to purchase a vacation property!

Get expert advice from our licensed mortgage agents today, we’d be happy to discuss your situation and review changes that would be beneficial for you to reach your goals; from shopping for new rates or utilizing that home equity, we’ve got a mortgage solution tailored to you! Contact Mortgage Man DLC today to book an appointment 705.326.8523.