What happens when you renew your mortgage?

What happens when you renew your mortgage?

Matrix Mortgage Global – What happens when you renew your mortgage?

When you first get your mortgage and move into your new home, the last thing that you are probably thinking about is mortgage renewals. But before you know it, your mortgage term is up and a mortgage renewal notice shows up in your mailbox.

renew your mortgage

Mortgage renewal process

A mortgage renewal takes place when your mortgage term expires but you still have money owing on your home, so you sign for another term. Most federally regulated lenders will send you a notice about three weeks in advance when it is time to renew your mortgage. This notice will include important information such as how much is left owing on your home, as well as terms and rates for the new mortgage that they are offering.

Before you sign…        

Typically lenders will not offer you their best rates on mortgage renewals for the simple reason that most people simply sign the offer without negotiation or question. After all, getting mortgage with a new lender can be a lengthy process and can require a great deal of paperwork.

This is a mistake that can cost you thousands of dollars. While it may seem like a hassle to negotiate with your lender or shop around for better rates or a different amortization period, not doing so can be costly.

Mortgage renewal problems

Provided that you’ve been keeping up with your mortgage payments, it is unlikely that you will have any problems getting a mortgage renewal, but there are some cases where a lender may decide not to renew your mortgage. This can happen if your credit rating has dropped significantly. If this happens, you will want to get in touch with your mortgage broker as soon as possible to help you find an alternative lender who will be willing to provide you with a mortgage.

Remember to call your mortgage broker at renewal time

Mortgage brokers don’t just help people with their first mortgages. They can also be an incredibly valuable resource when the time comes to renew. Since it pays to shop around and negotiate at renewal time, having a mortgage broker who can do these things for you can help reduce your stress as well as save you money.

If your mortgage is up for renewal, don’t just sign with the same lender without talking to your broker. Make sure that you get the best rates and terms you can. Call Matrix Mortgage Global today at 1-877-371-5293.

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