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Mortgage Renewal

Your mortgage may be one of your most significant investments. Therefore, the mortgage renewal process is quite important – it provides you with an opportunity to revisit your financial commitment.

Most Canadians go through the mortgage renewal process in much the same way. They choose to have a friendly negotiation meeting with their bank, and settle for what the bank is willing to offer. This is something most lenders count on to happen; after all, this method makes them an extra profit. It is important to know your options. Follow these tips to ensure you get the best rate:

  • Do your research: When you are shopping for a renewal rate, it’s best to thoroughly research the current rates, and then slim down your search to financial lenders you feel are dependable for doing business with. You can have a mortgage broker do this research for you, for free.
  • Consider a pre-approval: By collecting a pre-approval, you can guarantee your rate up to 120 days before the due time of your current mortgage comes. This guarantee protects you in case rates go rise before your mortgage maturity date, saving you thousands of dollars down the lane.
  • Use online mortgage tools: Use a renewal calculator to get an accurate idea of what your financial commitment will be. If it is affordable to do so, save on mortgage interest by considering bi-weekly payments, instead of committing to a monthly schedule.
Ready to get started? Speak with our mortgage agent to speed things up.

The Mortgage Renewal Process Made Easy

At GN Mortgages.ca, our mortgage agent can answer your questions and find a mortgage product that best suits your personal budget. We know many leading banks and lenders, across Canada. We can inform you of the best possible current rates and provide suggestions on how to save your money during the mortgage renewal process.

Back in 2008-2009, when Canada faced an economic crisis, interest rates went too low encouraging homeowners to apply for a mortgage. Interest rates are still low today and with the help of a mortgage agent, you can negotiate low rates that go easy on your budget and make your mortgage product much more affordable.

You can also save money by switching at renewal time, as quite too often lenders are willing to offer a better rate in order to gain existing mortgage clients. A mortgage agent can be quite helpful in this situation, to help you steer the process and ensure you don’t pay unnecessary fees.

Renewing your mortgage

If your mortgage renewal date is coming near, this might be a good time to meet with a GN Mortgage.ca specialist. We can review changes in your financial situation and discuss some approaches that could help you pay off your mortgage quicker.

Contact us to schedule a consultation.
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