3 Tips for getting the best deal on your Mortgage Renewal

Mortgage Renewal Mississauga
10 May

3 Tips for getting the best deal on your Mortgage Renewal

By Mortgages 0 Comments

The processes of filing a new term plan or signing up to refresh your old one is called mortgage renewal. You can take this as an opportunity to change your plan and the length of your term in a way which can suit your financial status and position. Most people are not aware of the fact that they can renegotiate the plan in a way which is beneficial to them. They sign the first rate which is offered to them. Here are three tips to get the best deal on your mortgage renewal plan.

  1. Shop early to avoid being caught off guard!
    Your mortgage renewal plan is about to expire and you receive a notice 21 days before the period is supposed to end. At this point, you are frantically searching for mortgage lenders and brokers as you keep receiving calls from your current lender with limited time offers. This could be harmful as you could end up losing a lot of money. It is best to start shopping for mortgage renewal plans at least 3 months prior to the expiry date so you can get the best plans for yourself with enough time to complete all the paperwork thoroughly.
  2. Have a clear idea of your needs.
    When shopping for a new mortgage renewal plan, it is a futile expedition if you do not know your finances and needs. The first step you should be taking is to find out what your current financial status is and how much you can afford to pay. You must determine what kind of plan you are looking for, whether you want to extend your period or whether you need a loan for a higher amount. All of this can be discussed with a mortgage broker earlier.
  3. Mortgage brokers are your saviours.
    Most people are under the assumption that they can find the best deals on their own or that the bank is the best option. There could be multiple new offers in the mortgage renewal market and you could be missing out on it simply because you didn’t consult a mortgage broker. Mortgage renewal can be made so easy with a broker. They can help you find the best rates and the best plan according to your needs and requirements. They can help from the very beginning as they have complete knowledge of the market’s latest trends.