If your mortgage term is coming to an end in the next few months...do not "early renew" with what your lender offers you. Rates are going to continue to go down so please do not cut yourself short and take your lenders first offer.
Things to think about when up for renewal.
1. Do you have any high interest credit cards or loans you would like to roll into your mortgage?
2. Can you qualify for a re-advanceable mortgage?
3. How long are you planning on staying in your existing home? Why sign for a 5-year term when you might move in the next 2-3years?
4. How does my existing lender calculate mortgage penalties?
5. YOU HAVE TIME! Don't succumb to bank peer pressure.
Even if you are close to your renewal date, there are a few strategies that we can implement to give you time even after your deadline.
Let's work together to ensure your mortgage is working for you and not the other way around.
