Your mortgage renewal is an important financial decision, but it shouldn’t be a last-minute one. Waiting until your lender sends you a renewal offer may mean you have less time to explore what else is available or consider whether your mortgage still fits your needs.
Starting the renewal process with your mortgage agent four to six months in advance gives you time to look at your options without feeling rushed. It allows you to compare lenders, review current mortgage rates and terms and look at whether anything has changed in your financial situation since you first arranged your mortgage.
Maybe your income has changed. Perhaps you’ve taken on other debt, made significant progress paying down your mortgage or are thinking about renovations, a major purchase or other financial goals. Your mortgage strategy should reflect where you are today – not where you were several years ago.
Why review your mortgage every year?
You don’t have to wait for renewal to take a closer look at your mortgage. An annual mortgage review is a simple way to make sure your mortgage continues to support your broader financial goals. And because this is a free service, there’s no reason to wait until your renewal date to have the conversation with your mortgage agent.
An annual review gives you an opportunity to look at your mortgage, discuss any changes in your circumstances and identify potential opportunities or concerns. Sometimes, the best strategy is to stay exactly where you are. Other times, a change may make sense.
The important thing is understanding your options before you need to make a decision.
Start planning before your renewal
Your mortgage is likely one of the largest financial commitments you have. Taking a proactive approach can give you more time, additional information and greater flexibility when it’s time to make your next move.
Don’t wait for your renewal letter to start thinking about your mortgage. Whether your renewal is coming up or you simply haven’t reviewed your mortgage in a while, connect with your mortgage agent to make sure your current strategy still makes sense for you.
Have questions about reviewing your mortgage? Answers to all your questions are a call or email away!