Is your mortgage approaching renewal? Did you know that you can switch to another bank during renewal to enjoy the following benefits?

Obtain a Better Rate

When you receive a notice that your mortgage is up for renewal, it’s the ideal time to seek a better interest rate. Renewing gives you the opportunity to easily compare rates in the market or switch lenders without penalty, potentially saving you money!

Consolidate Debt

Renewal is also a great time to review your existing debt and consider consolidating it into your mortgage. For some, this means merging credit card debt into the mortgage, while for others, it might involve car loans, student loans, etc. Consolidating debt into your mortgage allows you to make a single payment rather than managing multiple loans. Additionally, mortgage rates are generally lower than credit card rates.

Start Your Renovation Plans

Have urgent home renovations? Renewal is an excellent opportunity to use some of your home equity to fund these projects, whether it’s upgrading your kitchen, updating your bathroom, or even renovating your garage!

Change Your Mortgage Product

Not satisfied with your current mortgage product? You might find that a fixed rate provides more stability compared to a variable or adjustable rate mortgage. Conversely, as rates stabilize, switching to a variable rate might be beneficial. Renewal is also a good time to explore different repayment or amortization plans to accelerate your mortgage payoff.

Switch Lenders

Unhappy with your current lender? Another bank might offer a lower rate or a mortgage product that better suits your needs. Mortgage renewal is a prime opportunity to switch to a different bank or credit union to ensure you get the value you need from your mortgage if your current provider isn’t meeting your requirements.

Whether you’re dissatisfied with your current mortgage or have changing needs, don’t hesitate to contact a mortgage broker when your mortgage is nearing renewal or ready for renewal. Discuss your situation and review options that could help you achieve your goals, from finding a new rate to leveraging your home equity. We can assist you in finding the best options for your current situation and ensure your future financial success.