Renewal Readiness: Steps You Should Take Every 5 Years

Many borrowers treat mortgage renewal as a routine task. They receive a notice from their lender, sign it, and move on without asking questions. This can lead to paying much more interest than necessary.

Your renewal is actually a great chance to negotiate better terms, since lenders want to keep your business. Starting early gives you time to prepare and puts you in a stronger position to ask for a better deal.

To prepare, begin reviewing your finances six to twelve months before renewal. Check your income, credit score, future plans, and monthly budget to see what you can improve.

This is also a good time to rethink your mortgage plan, compare rates from different lenders, and review the fine print of your current loan. Some borrowers may even benefit from switching lenders if better options are available.

With early planning and careful review, your mortgage renewal can help you save money, and set yourself up for the next five years with confidence.

Please contact us for a complimentary and confidential mortgage review, so we can assess your current situation to see how you may save when it's time to renew your mortgage.