Have an upcoming mortgage renewal? Wondering what’s the best way forward for mortgage renewals? Let me explain what to think about.
If you bought your house four or five years ago, you’re probably worried about your mortgage coming up for renewal and seeing higher payments. In many cases, people will see payments go up by hundreds of dollars, if not more than a thousand dollars, depending on the size of the mortgage. This means it becomes really important to shop around for a mortgage at renewal.
Your existing lender may not be incentivized to offer you the best deal. They’re counting on things being easy. or maybe you don’t qualify to move elsewhere, and so they may not offer the best rates. Where a mortgage broker can help is we can look at the broader market, see what’s out there, and hopefully save you money. And taking a five-year term may not be the best bet for you anyways!
I also have a helpful video about why now is a good time to get a variable-rate mortgage.
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker Edmonton.