When your mortgage comes up for renewal, it might feel easiest to just sign the offer your lender sends you. And while that can be the right move, it can also mean leaving money on the table or not seizing the opportunity to improve your cash flow.
Here’s what I want every homeowner to know when their mortgage comes up for renewal:
Staying with your current lender can be convenient.
There’s usually less paperwork and typically, no requalification in many cases, which is especially helpful if your income or debt levels have changed. If the rate they’re offering is competitive and simplicity is your priority, renewing as-is might be the right fit.
Switching mortgage lenders can open doors.
Reviewing your current situation and looking at additional options can lead to better rates, more flexible prepayment options, or a term and/or amortization period that better aligns with your current and future plans. Small adjustments and improvements can set you up better for your next mortgage term.
Before you renew, let’s take a quick look at the bigger picture:
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Are you planning renovations?
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Thinking about consolidating higher-interest debt?
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Want to pay down your mortgage faster?
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Considering a move in the next few years?
- Want to improve your cash flow?
Your renewal is one of the best opportunities to realign your mortgage with your life and your goals. Together, we can explore mortgage options for you and help you decide whether staying put or switching lenders makes the most sense.
Don’t sign that renewal letter until we chat. I’ll make sure you’re getting the best possible outcome for your situation. ????
If you’re planning something new or just need clarity on your renewal, I’m here to help anytime.
