What You Need to Know When Renewing Your Mortgage

If you are renewing your mortgage, don’t simply send back the papers to your existing lender. There are a few things that you need to take into consideration. The most important thing you need to remember is that shopping around is the key to getting a better rate when you renew. Once you know the rates that are being offered for your preferred mortgage term, you’ll be better prepared to negotiate for a competitive offer. There usually will be room for some negotiation.

Keep in mind that the cheapest rate might not be the best rate – hence the need to read the terms before you sign. Make sure the rate offers other alternatives such as ability to pay extra on the mortgage. Penalties should also be well defined.

Shopping around, negotiating and looking out for the best terms is a difficult task that is best left to the experts – specifically the experts on the Kupina Mortgage Team. We’re on your side – not on the side of the lender. That means we bring you access to more products. When you’re shopping around for the best rates and terms, that’s exactly what you need to get the result that’s right for you.

We also know the industry very well. We deal with lenders on a daily basis and we’re familiar with the application process. We’re here to help find the best lender for your situation. When it comes to renewing a mortgage, we bring experience and knowledge to the table.

So what’s the one thing you need to remember when renewing a mortgage? Make sure a professional is on your side. For more information, give us a call at 1-888-955-9011.