When the term on your mortgage expires it is time to renew your mortgage. Remember that you do not have to renew with the same lender and should always consult with your Mortgage Alliance Professional Lathan Varatharajah prior to accepting any offer. In doing this you will ensure yourself the most competitive rate and terms at renewal time.
It is also possible to renew your mortgage early. You may opt to renew early if the current interest rates are much lower than your existing interest rate. There can be drawbacks to renewing your mortgage early such as payout fees, but these fees are often far less than the money you will save at the new lower interest rate.
So when it’s time to renew your mortgage, start shopping around. It’s worth your time and it can literally save you thousands of dollars over the life of the mortgage. The process is simple so why not investigate? If you are not sure if it makes sense to renew early, Contact him and he will be glad to run the numbers for you.
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