If you’ve received the mortgage renewal slip in the mail it’s time to renew! If you’re not sure what steps you should take, it’s time to talk to a Toronto mortgage broker. They’ll be able to help you figure out everything you need to get the best mortgage deal this time around. You’ll also need to figure out if you need to stay with the same lender or find another lender; if they’re not giving you the best deal you’re going to have to move on. Let’s get started and see what you can do to get a better deal this time. What is Mortgage Renewal Really? Mortgage renewal happens when your mortgage term is over. A term is a length of time that your conditions are guaranteed (like 5% interest rate or a 10% savings each year), and the length of time that a lender must hold your loan. After this term is up however your mortgage lender is going to be able to tell you that it’s time to pay up the mortgage in full. They may offer you better terms, or they may sell your mortgage to another lender if you can’t pay. Whatever the case is, you’re going to be able to have options and do what you think is right for you. Just because you get a mortgage renewal in the mail doesn’t mean you have to stay with the same lender. Should You Renew with the Same Lender? If your lender wants to renew with you and offers you a better deal than you have now, you’re going to want to go ahead and stick with the same lender. If they give you a “pay up or else” ultimatum, you will want to find a new lender. If you can pay off your mortgage now go ahead and do it. It’s important to make sure that you’re getting it paid off; talk to a Toronto mortgage broker to see if you should pay off your mortgage now or not. It’s easy to end up wrecking your credit because you paid off a big debt too soon. How to Find a New Lender If you need to locate a new lender, a Canada mortgage broker is going to be able to help you. You’ll need to see if they can compare the deal that your lender is offering you (which isn’t much) with what you could get. If it’s better than the terms you’ll be getting if your mortgage is sold then you’ll want to switch lenders. Always Be Saving Money Whatever you do, you have to save money. You don’t want to spend all of your money and time on a new mortgage that’s going to be worse than the one you started with. By working with a Toronto mortgage broker you'll be able to get all the information you need to know to get a new deal that works for you and helps you pay off your mortgage faster. Home Base Mortgages is a Toronto mortgage broker that provides home mortgages, mortgages for the self-employed, home equity loans, debt consolidation, secured lines of credit and second mortgages. Visit us today at http://www.homebasemortgages.ca/
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