If you are considering renewing your mortgage during the holiday season then you have come to the right place. Current homeowners may not traditionally think that renewing your home loan during the wintertime would be the best idea, but there are many benefits in doing so now. If you make an appointment with your Milton mortgage broker, they may be willing to offer you the most competitive rates on the market.
So, to help you get started, your local brokers with Loewen Group Mortgages have listed some useful tips for renewing your mortgage in Canada.
Tip #1: Negotiate For A Better Rate
When your amortization period is about to end, your broker should contact you via a letter in the mail. This letter will provide information on your mortgage renewal and make it where you can sign the paper and extend your loan term. This is a quick and easy process but it is not always the best way to go about renewing your home loan. Instead, make sure you speak to your broker in person and negotiate for a better rate. That way you can benefit from the currently low mortgage rates in Milton.
Tip #2: Shop Around
If you are considering renewing your mortgage, you do not have to stick with your current broker. Before you make your decision to renew, shop around and speak with different brokers so you can be sure you are working with the person that offers you the best deal for your financial goals. If you do decide to change brokers, it is worth noting that you will most likely have to take the mandatory stress test again. Contact your local broker for more details.
Tip #3: Have Good Credit
Just as your credit score impacted what type of mortgage rates in Milton you’d receive and the type of loan you could qualify for when you initially applied for a loan, it still matters if you are considering renewing your mortgage. If your credit has slipped over the years, work on raising it by paying off high-interest loans and making scheduled payments on time before you begin the renewal process.
If you would like to receive more information on tips for renewing your mortgage, please contact the Loewen Group Mortgages team at 289-270-1586.