Congratulations your mortgage has come up for renewal.
If your mortgage is with a federally regulated financial institution, the lender must provide you with a renewal statement at least 21 days before the end of the existing term. Lenders send you the Mortgage Renewals notice about 3-4 weeks before it is due for renewal. Lenders may prefer to leave borrowers with less time to find a better rate with alternative lenders.
This statement must contain the balance at the renewal date, payment frequency, interest rate, term and any charges or fees that would apply.
Before you go ahead and re-sign with your mortgage lender!!!
For most people, a mortgage payment is one of the major portions of their budget.
If you don’t take control of the process, the current lender might automatically renew your mortgage for another term, and you may not get the best interest rate and the conditions you want.
It is very important to remember, you do not have to renew your mortgage with the same lender. You might transfer your mortgage to another lender if it offers you the conditions that suitable your needs better.
You should explore your mortgage options, especially if your financial situation has changed such as go fixed or variable, open mortgage or fix, change of mortgage term, increase your payments, increase the mortgage amount or find other programs available for you.
At M.I.T we offer mortgage products from several different lenders and have the ability to hold rates for 120 days prior to closing. Therefore, 3-4 months before your mortgage comes up for renewal, is the right time to explore your next mortgage move and search your renewal options.
Call us 416-900-1425 or write a message to find the best option to get Mortgage Renewals.