Renewing Your Mortgage: Understanding Your Options and Alternatives
When it comes to renewing your mortgage, it's important to understand your options and alternatives. Tammy Wandzura, Mortgage Broker, knows that renewing your mortgage can be overwhelming, which is why we're here to help. In this blog, we'll discuss different options available for renewing your mortgage and alternatives you may want to consider.
1. Renewing with your current lender
While it may seem like the easiest option, it's important to educate yourself on the current market and shop around to ensure you're getting the best possible rate and terms. You could potentially save thousands of dollars over the life of your mortgage by taking the time to compare rates.
2. Switching lenders
Switching lenders can be a great way to get a better rate and terms that fit your current financial situation. There is NO cost to moving lenders at renewal time if no changes are being made to the mortgage balance, amortization, or names on the mortgage. We line up the renewal date to match your current lender, to avoid any penalties or fees incurred with the current lender. The NEW lender takes care of any costs to move to the best rate.
3. Refinancing your mortgage
Refinancing your mortgage can give you access to your home's equity and help you achieve financial goals such as renovations, debt consolidation or other investment opportunities. It's important to work with a mortgage professional who can help you navigate the process and ensure you're getting the best possible terms.
4. Paying off your mortgage
Paying off your mortgage can be a great way to save money on interest and become debt-free. It's important to consider your overall financial picture and make sure you have enough savings and investments to meet your long-term goals. In addition to using your flexible prepayment options with your current lender, through the term of the mortgage to pay down the principal balance faster and pay less interest - you can also consider paying off your mortgage in full at renewal time with no penalty
5. Alternative options
If you have unique financial circumstances that may not meet traditional lending requirements, alternative options such as a alternative lending solutions may be worth considering. It's important to work with a mortgage professional who can help you explore all of your options and make an informed decision that's right for you.
Renewing your mortgage doesn't have to be overwhelming. We at Tammy Wandzura, Mortgage Broker, can understand your options and alternatives and make an informed decision. We can lock in a rate 120 days (4 months) back from the renewal date. If rates go down leading into your maturity date we will lower the rate, ensuring you get the best discounts available on the market.