Planning your mortgage renewal strategy early with your mortgage agent can prove very beneficial. A proactive approach ensures you’re fully prepared to secure the best possible terms and set yourself up for success throughout your next mortgage term.
Here are some key benefits of planning your mortgage renewal early:
1. More Time for Research
Starting early allows your mortgage agent to thoroughly explore the market for competitive rates and terms. Mortgage rates can fluctuate, and having ample time ensures your agent can lock in the lowest rate before potential increases. Your agent can begin the process around 120 days before your current mortgage term expires.
2. Avoid Last-Minute Stress
Renewal deadlines can creep up quickly. Beginning the process early eliminates the stress of rushing decisions. Your agent can guide you through the options with clarity and ease.
3. Opportunity to Reassess Financial Goals
An early renewal discussion is an ideal time to reevaluate your financial goals. Are you planning renovations, consolidating debt or considering buying a second home? Your mortgage agent can tailor solutions that align with your evolving needs. If you decide to take equity out of your property at renewal time, you don’t have to pay a fee to break your current mortgage.
4. Potential to Save Money
By planning ahead, you can avoid being automatically renewed by your current lender, which often comes with higher rates. Your mortgage agent can often negotiate better terms or help you switch to a lender offering more favourable conditions.
5. Access to Expert Advice
Your mortgage agent is an expert in navigating the complex mortgage landscape. Starting early gives you the advantage of their insights to ensure you make informed decisions that suit your financial future every time you need a mortgage.
Mortgage renewal isn’t just a routine task – it’s an opportunity to secure better terms, save money and realign your mortgage with your financial goals. Connect with your mortgage agent early to maximize your options and enjoy peace of mind. Planning ahead pays off!
Have questions about your mortgage renewal? Answers are a call or email away