What is a Mortgage Renewal? A mortgage renewal is when the current terms of your mortgage come to an end and you sign on for a new mortgage term. The time is now to spring into action, up to three months ahead of your mortgage renewal deadline... By shopping around for the best mortgage rate for your financial circumstances, you may save yourself thousands of dollars. To do that, you may want to consider working with a seasoned mortgage professional. The benefits of working with a mortgage broker to help find a mortgage solution that works best for you are three-fold:
1. A mortgage broker gives you a second opinion. While your current mortgage lender claims to have your best interest at heart, getting a second opinion on your financial situation does not hurt. There may be new options and products available for you that your current lender is forgetting or unable to offer. A second opinion on your changed financials may be able to save you money or highlight some new options that may be better suited to your needs. 2. A mortgage broker does the work for you, at no cost. Some people are still concerned that hiring a seasoned professional to look at your finances and find new mortgage rates will cost a lot of money. Mortgage brokers provide their services at no charge (yes, free!) and take a fee from the lending institution, not the client. As long as we don't have to resort to an alternative lender, there are no broker fees involved! So, let us look around for the best mortgage rates available to you on your behalf – all at no cost to you. 3. A mortgage broker does ONE credit check but can check MULTIPLE lenders without lowering your credit score. One of the biggest advantages to having a mortgage broker shop around on your behalf is having them conduct one credit check and then using that information to shop around among several different lenders. If you wanted to shop around on your own, you would have to allow each institution to run a credit check and, as a result, lower your credit score. Working with a lender also means a lot less paperwork for you, too! Bottom line: as soon as you receive your "mortgage renewal offer" from your current lender, get a second opinion. Chances are, there might be better options out there. Feel free to get in touch with me: [email protected] or 647-893-2535. Sign Up Here for Monthly Mortgage Updates
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