Mortgage Renewal Kelowna
Mortgage Renewals
A mortgage renewal is an extension or renewal of your mortgage terms with your mortgage holder. Most mortgages break payments into monthly amounts. When determining the payment amount, your lender figures you will pay your mortgage off over 30 years if you make your payments consistently on time.
When your mortgage term is coming to a close, it’s an excellent time to take a look at your financial goals and needs and see if the old terms still align with them. If not, this is the time to consider renegotiating the terms of your mortgage or switching lenders for a better rate.
We work your mortgage renewal a little
harder to get your best rate.
Your mortgage renewal time starts around 120 days (4 months) before the end of your current mortgage term. It’s an important time to explore your options — don’t sign without talking to us. Many homeowners stay with their existing mortgage lender simply because they think it’s easier than shopping around, or that the offer from their existing bank is the best deal available.
What if it isn’t? Seize the chance to have us look around for you, before you lock in for another term. You could potentially save thousands, or even get into a better mortgage product if your needs have changed.
What Our Cleints Are Saying
Heather was very professional and responsive to our requests. We really appreciated the time she took to sit down and determine what we were looking for in a new house. She had great inventory prepared for us to view on top of the houses we had identified to her. She was always prompt in her response to our questions and kept us up to date with changes in the status of properties.
We would definitely recommend Heatherto anyone relocating to Kelowna and we’ve suggested her name to a few people already.
Heather was very professional and responsive to our requests. We really appreciated the time she took to sit down and determine what we were looking for in a new house. She had great inventory prepared for us to view on top of the houses we had identified to her. She was always prompt in her response to our questions and kept us up to date with changes in the status of properties.
We would definitely recommend Heatherto anyone relocating to Kelowna and we’ve suggested her name to a few people already.
Mortgage Renewals'
Checklist
Do you want to renew your mortgage? We’ve compiled everything you need to know into a handy checklist. Don’t renew your mortgage without it!
BONUS – MISTAKES TO AVOID WHEN RENWING MORTGAGE
Learn what not to do when renew your mortgage (fun fact – many buyers do these things which ends up complicated their mortgage renewing experience)
Personal Factors to Consider for Mortgage Renewal
When you are getting ready to begin the mortgage renewal process, consider what is going on in your life right now. Also, consider what you’ll need to plan for over the next few years. Here are some personal factors you should consider when you are getting ready to renew your mortgage.
- Have you or your partner increased your income so that you could pay off your mortgage sooner?
- Have you experienced income loss?
- Will you be acquiring new expenses soon (the birth of a child, tuition payments, etc.)?
- Is there a chance you will be moving during the next mortgage period?
- Do you think you will be receiving an inheritance or some extra income in the next few years?
Other Factors to Consider for Mortgage Renewal
When looking at mortgage renewal options, there are additional factors to take into account, as well. Here are other factors to keep in mind:
- Are current interest rates higher or lower than the rate of your old mortgage?
- Are interest rates predicted to shift in the coming years?
- Are you happy with your mortgage holder?
- If you’re not content with your current mortgage holder, what are the costs and fees associated with switching mortgage lenders?
Pros and Cons of Switching Mortgage Lenders
Typically, people will switch mortgage lenders to save money in the long-term, but there are some considerations to think about before switching lenders.
Pros
- More flexible terms
- Better interest rates
Cons
- Paperwork
- Possibility of different criteria to decide if you qualify for a mortgage
- Additional Fees, including set up fees, transfer or assignment fees, appraisal fees, administrative fees.
- Possibility of a new mortgage loan insurance premium (if your mortgage was previously insured)
- Lawyer or Notary fees (Quebec and British Columbia) when signing registration documents that are part of your mortgage contract.
Renegotiating a Mortgage with Your Current Lender
You wouldn’t be the first homeowner to suffer from rate remorse. If you feel that you could have gotten a better rate on your last term, we can help.
At Heather Contant Mortgage, getting you a better mortgage is our favourite workout (come on, work it, work it!). We make it easy, checking with all lenders, even your own bank — we’re quite competitive on your behalf. Our brokers are the best, but they’re also salaried for truly unbiased advice. And, because mortgages are all we do, we’ll offer your best rate (that you qualify for), passing along a discount based on our volume of work.