When you find yourself approaching your mortgage renewal date, it’s important to understand and take advantage of advantageous position you have within the mortgage market. Typically, these are distributed to homeowners when there is roughly three months remaining on an existing mortgage term. Believe it or not, nearly 60% of homeowners in this scenario simply sign and send back a commitment to the proposed renewal! Less than half of homeowners realize mortgage renewal time is a rare opportunity and the absolute best time to shop around for improved rates and better borrowing options!
Beginning the process between three and five months prior your current mortgage terms expiry date is recommended. This guarantees you (or your mortgage broker) will have sufficient time to find and compare the most affordable options and the best terms to fit your unique situation. Alternatively you can have a mortgage broker keep track of your renewal date and do the shopping for you. Having an expert prepare the best two or three options from the hundreds available on the market will normally result in the best final decision and piece of mind.
Mortgage Brokers In Ontario