When it's time for your mortgage renewal, follow these steps:
Start Early: Begin about 120 days before your term ends to explore options and negotiate.
Review Finances: Assess your income, expenses, and goals to see if anything has changed.
Shop Around: Compare rates from multiple lenders to ensure you're getting the best deal.
Evaluate Mortgage Features: Consider changes like switching from a variable to a fixed rate or adjusting your amortization period.
Negotiate: Use offers from other lenders to get a better rate from your current lender.
Make a Lump Sum Payment: If possible, reduce your principal without penalties.
Reconsider Term Length: Choose a term that aligns with your plans and the current interest rate environment.
Consolidate Debt: Consider rolling high-interest debts into your mortgage at a lower rate.
Adjust Budget: Prepare for potential payment increases by adjusting your budget now.
Seek Advice: Consult a mortgage broker or financial advisor for personalized guidance.
Your mortgage renewal is an opportunity to reassess and improve your terms—explore your options carefully before deciding.
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