Mortgage Broker Licensed in British Columbia
You're nearing the end of your first mortgage term and may be wondering "What's going to happen next?" Not to worry, there's help! You'll want to start looking at things as early as 4 months before your mortgage is up for renewal.
Is it that time that your need to renew your mortgage, well this is an excellent opportunity to improve your rate and alter your monthly mortgage payments.
While most lenders will send you a renewal letter when there are around 3 months remaining on your term. The majority of homeowners will simply sign and send back their renewal without ever shopping around for a more favorable interest rate. I recommend to all my clients to shop around a few months before their current term is up. Even if you end up going with the same lender, you still want to be sure that you are getting the best rate.