3 Easy Steps for your Mortgage Renewal
August 19, 2017 | Posted by: Allison Kurys & Kim Owen
Mortgage up for Renewal this year?
Don't wait until the last minute to shop for rates then you will be forced to renewal with your current lender.
Here are some great tips to get the mortgage renewal process rolling:
1. Start Shopping for a new mortgage rate 120 days prior to renewal
Your mortgage broker can lock in a rate for you for 120 days which means you can start shopping around for the best rate 4 months before your term is up.
2. Figure out your Mortgage Goals
Are you considering purchasing a new home in the next 2 years? Or maybe you want to do some renovations to your home in the near future.
If you know what your plans are it makes your mortgage renewal process easier. Maybe a 2 year term is the best rate for you so you don't have to pay a penalty once you sell your home or is your mortgage renewal the best time to take that extra equity out to do those renovations in your home?
3. Make sure you set up your mortgage renewal within 30 days prior to the renewal date
After you considered all your options make sure your mortgage renewal is ready to go within 30 days of the renewal date. Lenders need time to review all of your documents, order a discharge statement from your existing lender and make sure all of your paperwork is signed with FCT or FNF (in house lawyers). If you don't have all your documents in order 30 days prior to closing then your current lender might automatically renew your mortgage or put you into an open mortgage.