As your local mortgage broker in Kamloops, BC, I can emphasize how overloaded you are with work, kids’ activities and trying to maintain your homes. Then add in trying to take care of yourself, which can be enough to tip you over the edge. I can see why many sleep 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, given the significant financial impact of a mortgage, it’s crucial to have a mortgage expert give you a second opinion and start working for you as early as nine months before renewal. Read this great article on “Renewing Your Mortgage” from the government of Canada.
5 reasons to get a second opinion:
Options
I am a mortgage broker in Kamloops, BC. Though I may be local, I have access to over 50 lenders and hundreds of mortgage options. I can ensure you are offered the best mortgage rate and mortgage possible.
Improve cash-flow
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.
Credit Planning
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.
Planning for future decisions
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.
Budget Planning
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.
Is your mortgage due for renewal in the next six to nine months? Let’s start planning now. Let’s talk today!
