Most homeowners stay with their existing mortgage lender because they believe it is too time consuming to get a better mortgage rate.
If your mortgage renewal is fast approaching, then now is a great time to look at the many excellent options and competitive rates available. Lenders send out renewal forms just prior to renewal dates to those with good payment histories, with about 70% of homeowners sending it back without asking any questions! In today’s hectic world, that can be the easiest and best route, but you should ask yourself some questions before you sign on the dotted line. This is an important moment of opportunity. This is where an independent mortgage professional like Jason Woods can help offer advice and options to help you get ahead!
Are you looking to renew your mortgage? Let us help you find the perfect fit for your financial needs. We offer a wide range of mortgage renewal options to suit your individual needs, including fixed and variable rate mortgages, flexible payment options, and various term lengths. Our competitive rates and personalized service ensure that you get the best possible mortgage for your unique financial situation.
Renewing your mortgage with us also comes with additional benefits, such as access to our online mortgage tools and resources, ongoing support and guidance from our team, and knowing your mortgage is in good hands.
Don't wait until your mortgage term is up. Contact us today to learn more about our mortgage renewal options and start the process of securing your financial future.
What is Mortgage Renewal?
A mortgage renewal is a process of extending or refinancing an existing mortgage loan. When you first obtain a mortgage, you agree to a set term, typically ranging from one to five years, during which you make regular payments towards the principal and interest on the loan. At the end of the term, you have the option to either pay off the remaining balance in full, renew the mortgage with your current lender, or switch to a new lender.
Renewing your mortgage with your current lender allows you to maintain the same mortgage terms and conditions, including the interest rate, amortization period, and payment schedule. However, you may also choose to renegotiate the terms of your mortgage, such as the interest rate or payment schedule, to better suit your current financial situation.
Mortgage renewal is an important decision that can have a significant impact on your long-term financial health. By carefully considering your options and working with an experienced mortgage specialist, you can make an informed decision that helps you achieve your financial goals
Types of Mortgage Renewal
There are two main types of mortgage renewal: automatic renewal and manual renewal.
Automatic Renewal: When you sign your original mortgage agreement, it may include a clause that allows your lender to automatically renew your mortgage at the end of its term. If you choose to renew automatically, your lender will send you a renewal offer with the new terms and conditions, including the interest rate, payment schedule, and amortization period. You will have a certain amount of time to accept or reject the offer.
Manual Renewal: If your original mortgage agreement does not include an automatic renewal clause, or if you prefer to explore other options, you can manually renew your mortgage by negotiating new terms with your lender. This may involve negotiating a new interest rate, payment schedule, or amortization period, or even switching to a new lender altogether.
When considering a mortgage renewal, it's important to carefully review the terms and conditions of your current mortgage and compare them to any new offers or options available to you. Working with a qualified mortgage specialist can help you navigate the renewal process and make an informed decision that meets your financial goals.
Benefits of Mortgage Renewal
Mortgage renewal is an important process because it allows you to review and potentially renegotiate the terms and conditions of your mortgage loan. Here are some benefits of renewing your mortgage:
Interest Rate Changes: Interest rates can fluctuate over time, which can have a significant impact on your mortgage payments. By renewing your mortgage, you can lock in a new interest rate that may be lower than your current rate, potentially saving you thousands of dollars over the life of your mortgage.
Payment Flexibility: Renewing your mortgage also gives you the opportunity to adjust your payment schedule to better suit your financial situation. For example, you may choose to increase or decrease your monthly payments, or switch from a monthly payment schedule to bi-weekly or weekly payments.
Mortgage Term: The end of your mortgage term is an opportunity to review and potentially adjust the term length to better suit your long-term financial goals. For example, you may choose to shorten the term length to pay off your mortgage faster, or lengthen the term to reduce your monthly payments.
Switching Lenders: Renewing your mortgage also gives you the opportunity to switch to a new lender if you find a better offer that suits your financial needs. By switching lenders, you may be able to take advantage of lower interest rates, better payment terms, or other benefits that your current lender may not offer.
Working with a qualified mortgage specialist can help you navigate the mortgage renewal process and find the best renewal option for your unique financial needs.
How to apply for mortgage renewal in Burlington
If you're looking to renew your mortgage in Burlington, here are the steps you can follow:
Contact Your Mortgage Specialist: The first step is to contact your mortgage advisor and let them know that you're interested in renewing your mortgage. They can help you understand the terms and conditions of your mortgage and provide guidance on negotiating new terms with your lender.
Compare Renewal Options: Once your mortgage advisor has reviewed your current mortgage agreement, they can compare renewal options from your current lender as well as other lenders in the Burlington area. This can help you find the best mortgage renewal option that meets your financial needs.
Submit Your Renewal Application: Once you have chosen a renewal option, you will need to submit a renewal application. This typically involves providing updated financial information, such as your income, credit score, and debt load.
Finalize Your Renewal: After reviewing your renewal application, you will be provided with a renewal offer that outlines the new terms and conditions of your mortgage. If you accept the offer, you will need to sign the renewal agreement to finalize the renewal.
If you are looking to renew your mortgage, contact Jason Woods today! We are specialized in mortgage and knowledgeable on current trends. We have access to different lenders, banks, trust companies, investors and financial institutions.
At Jason Woods, we understand that renewing your mortgage can be a daunting task. That's why our team of experienced mortgage team is here to guide you through the process, making it as easy and stress-free as possible
We will provide you with the best suited option as per your current financial situation. Jason Woods ensures you get the best possible rates and terms on your mortgage. Get in touch with us today!