As your local Kamloops Mortgage Broker, it’s surprising that so many homeowners sleepwalk through the mortgage renewal process and don’t look at all their options in the marketplace. Many accept whatever their lender offers or have a short negotiation to shave a few points off. While it’s tempting to choose what is most accessible, it’s essential to have a mortgage expert give you a second opinion and start working for you as early as nine months before renewal. By planning your mortgage out in advance, you’ll save money and be better prepared to deal with any financial setbacks. Here’s why:
- With access to over 50 lenders and hundreds of mortgage options, I can ensure you are offered the best rate and mortgage possible.
- If you have enough equity in your home, you may be able to move high-interest debt to your lower-rate mortgage, improving cash flow and saving on interest. Renewal is the perfect time to do this. I can run the numbers to see if this strategy makes sense for you.
- A good credit score is essential to switch your mortgage to a new lender for a better deal. Your current lender may also consider your score at renewal. You have more control over your credit score than you think and may want to discuss credit improvement strategies.
- Taking on new debt or leaving your current employment before renewal can affect your ability to move your mortgage to another lender. We can discuss the potential impact of changes on your situation.
- If you need to free up cash flow for specific needs or life situations, a 30-year amortization might be an option for you to consider (20% or more in equity required).
At renewal, you can renegotiate everything about your mortgage – with no penalties – which means this is an essential moment of opportunity. So, as soon as you hear from your lender about your mortgage renewal, get in touch for a critical second opinion!
Home for the Holidays
Home has meant so much more this year – comfort, security, and refuge. Once again, we look forward to home being at the heart of our holiday celebrations.
In this extraordinary year, it’s been a privilege to help make homeownership dreams come true and work with many wonderful clients and partners.
Warmest holiday wishes. May you and your family enjoy health, happiness, love, and peace. Be safe. Be well. Be happy with thanks and gratitude.
Tara
