Mortgage renewal happens when the borrower and the lender agree to re-commit to extend the life of the current mortgage debt being loaned, with revised terms.
Terms like rates, amortization, payment frequency and life of the mortgage loan and perhaps other influencing factors will be looked into.
Some borrowers choose not to review the details of the letter of renewal sent by their mortgage holder and end up paying extra fees or higher rates.
Before you renew your mortgage, consider taking the time to review your current financial situation in general as of your current and future income, your needs, your savings, your plans and changes that may occur in your family and that may affect your financial situation in the near future, get a professional advice from a mortgage agent.
The mortgage renewal experience is better when you use the experience and advice of a mortgage agent, and the helpful service is free
Avoid costly surprises and settle for better results when you renew your mortgage
Practice your free mortgage assessment online now and get your best options, observing the following factors that can affect your financial situation.
- Mortgage rates being fixed or variable
- Flexibility of the payment options
- Current programs that offer incentives to the borrower
- Amortization according to your needs
- Mortgage insurance required
Learn about the difference between a 5 years mortgage and a 10 years mortgage renewal
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