Mortgage Renewal in Alberta
When it comes to your mortgage renewal, the sooner you start looking at your options, the better. While your current lender will only send out renewal papers 30 – 60 days prior to closing, a mortgage planner can start booking rates for you a full 120 days prior to renewal date. That means you get a guarantee of the best rate within 4 months of renewal while still getting the benefit of any rate decreases. Statistics show that far too any Canadians simply sign and send their renewal papers back without questioning the rate or reviewing their options. A mortgage renewal is the perfect time to:
- Review any outside debts you may have that may be worth consolidating at a better rate
- Optimize your mortgage by making changes to your amortization schedule and payment frequency
- Consider if there is a need to potentially use home equity for investments, a cottage or rental property
- Review your long term financial goals to evaluate if your home equity can help you reach those goals
- Consider how long you plan to live in your current home and significant events coming up to evaluate their impact on what type of mortgage may be best
The bottom line is that at renewal time your mortgage is fully open to take some time to consider any options that you may have been considering. It’s the perfect time to take some time to ensure you are making the best long term choices with your mortgage as well as getting the best deal before signing on the dotted line.