Mortgage Renewals & Transfers

When to Think About Renewing Your Mortgage

Several months ahead of your mortgage renewal date is the best time to shop you mortgage to prospective lenders. Because at the end your mortgage term there is no penalty I can transfer your mortgage to the best lender and it won’t cost you anything. Your bank may have had a great rate initially, but on renewal there could be more competitive rates and specials out there. I’ll go to work well ahead of your renewal so if rates rise I’ll have a low rate held for you. If rates should fall, I’ll be able to follow the rate down on your approval as well. It’s a unique point in your mortgage where you are in a win win situation; you just need to contact me ahead of time and let me know your renewal date.

Steps to Your Mortgage Renewal

1. Track Your Renewal Date – You will have the opportunity to hold a new interest rate 4 to 6 months out from your renewal. So circle that date in your calendar or let me know it ahead of time and I will contact you.
2. Get Your Existing Lender’s Offer – Don’t let your bank play games, make sure it’s their final offer in writing that you are working with. It’s in their interest to make this process drawn out so you will lose interest and renew with them. DO NOT sign that renewal letter, there is no rush, even if your renewal date comes, your lender will have to renew you into an open mortgage, with no penalty to move you out.
3. Contact Me – Let me source the best mortgage for your needs. I’m always updated on the market, and have access to deeply discounted rates, and specials not available to the general public, or even many brokers.

In addition to a mortgage renewal, I can also execute a mortgage transfer mid term with you, the borrower incurring no legal costs. As long as no equity is being removed, many lenders will pay your legal fees to facilitate the transaction.

To provide me with your renewal date or for more information please contact me directly.