Refinancing Your Current Mortgage Could Save You Thousand's In Interest
So your mortgage is up for renewal. You see that the bank is offering the same terms or a little less, so you renew, right? Not if you’re a smart investor! Exploring your options could save you thousands. Refinancing is an option to seriously consider.
Renewal vs Refinancing
Renewing a mortgage is fairly straightforward. At the end of your loan term, if the mortgage has not been paid off in full, you simply renew the deal with your financial institution and pay it off at an agreed upon rate.
Refinancing, on the other hand, is switching your current mortgage for a different one.
Do your homework
As the renewal approaches, your bank is going to send you an offer. Just because it’s there doesn’t mean you sign it. Do yourself a favour and ensure you are getting a fair deal. You can take the time and search the internet or call around to find out the best rates. Or you can call a Verico iMortgage Solutions advisor and find out just how many refinancing options there are.
Many Canadians treat their mortgage like their laundry soap. They stay with their lender because they have always banked with them and don't shop around when it comes time to renew, especially if the terms are similar to what they signed for years earlier. If you renew your mortgage with your current lender without shopping the market, you may lock in at a mortgage rate that is significantly higher than necessary.
Take the time to consider ALL of your options. Mortgage rates are still low, but the Bank of Canada has hinted they will be rising. Now is the time to really explore your refinancing options.
Pay off your mortgage years earlier
A Verico iMortgage Solutions advisor will help you shop the market before you renew. By refinancing you can ensure that you get the best rates available, lower your monthly payments or pay off your mortgage years sooner.
The mortgage advisor will ensure you are making the right decision while also getting the service you deserve. We meet with you to review your current mortgage, look for options and make sure you renew at the best rate and terms available or refinance with a lender who's terms are better. Who knows, you may find a new financial lender to love in the process.
Even if you are not currently up for renewal, it pays to plan ahead. Don't wait, contact us today online, by phone or in person and let's get your renewal strategy in place. It could save you thousands!