Mortgage Renewal Pro Tip:
When you receive your existing lender’s renewal offer, always reach out to a mortgage broker to request a free quote on what rates are available. They have access to a wide array of lenders and can look around to see if they can find you a better rate than what your current lender is offering.
These lenders will generally cover the costs associated with transferring to them as well. Typically, they can lock in a rate four months prior to your renewal date, so if rates increase in the market, you will be protected.
Top 3 Reasons To Renew With A Broker
Lower Interest Rates
- Save money by taking advantage of lower interest rates that a broker has access to.
- By switching lenders you can get better mortgage terms and less penalties to set you up for success in the future.
Sell / Payoff In Full
- By switching your mortgage type during your renewal you can get an open-rate mortgage which will allow you to sell or pay off the full amount in the future without penalties.
How To Renew Your Mortgage With A Broker
2. Receive Your Renewals
You’ll receive a variety of mortgage loan offers from your broker.
3. Complete Your Renewal
With your mortgage broker’s guidance you can choose the best loan for your situation.
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