Helpful Tips for Your Mortgage Renewal

May 24, 2024

Renewing your mortgage is a big step in your home ownership journey. Whether you have questions about how the mortgage renewal process works, or you are wondering how your finances will be affected by your upcoming mortgage renewal I have some tips to help you out:

1. Evaluate your monthly cash flow, budget accordingly, and review your overall financial situation.

2. Review your current and future financial goals. Typically, many changes occur over a mortgage term, and it's important to ensure your new mortgage term will suit your current and future goals. Not all mortgages are created equal!

3. Review your current mortgage renewal offer from your existing mortgage lending company and seek a second opinion from a licensed mortgage broker.

4. Decide if you want to stay with your current lender or if another lender has a mortgage that will better fit your current needs.

As a licensed mortgage broker, I stay up-to-date with market trends and provide expert guidance to help you navigate any complexities in the mortgage renewal process. Please feel free to reach out for a second opinion on your mortgage renewal!

If you are wondering how your mortgage payments may change at renewal, try out my mortgage calculator here or download "My Mortgage Toolbox" app here.

With my mortgage calculator, you can: 

  • Learn how much your mortgage payment may potentially change at renewal
  • Select a different term, rate or payment frequency to find the best option to fit your financial goals
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