It's never too early to start thinking about your mortgage renewal. Begin exploring your options six months before your current term expires to give yourself ample time to research and evaluate different possibilities.
Your current lender will typically offer you a renewal statement with a moderate discount over the posted rates. However, it's crucial to consider whether this is the best option for you or if there are better rates and terms available elsewhere.
Don't limit yourself to your existing lender. As a Durham Region homeowner, you have the opportunity to work with a Durham Region mortgage broker who can compare rates and terms from various lenders on your behalf. This allows you to find the most competitive mortgage rates in the Durham Region.
Mortgage renewals provide an excellent opportunity to reassess your financial goals and adjust your mortgage structure accordingly. You can consider options like changing your amortization period, switching from a fixed-rate to a variable-rate mortgage, or even exploring the possibility of prepayment privileges.
Navigating the mortgage renewal process can be complex, especially if you're not familiar with the current market trends. Working with a professional mortgage broker in Durham Region & Toronto, can provide invaluable guidance and ensure you make an informed decision that aligns with your long-term financial goals.