Mortgage Renewal Services in Brampton

Are you approaching the end of your mortgage term? Now would be the ideal time to start thinking about your mortgage options going forward. As renewal time approaches, invest the time into evaluating your short term and long-term financial goals, and whether your current mortgage plan aligns with these objectives.

Below, we share a few (of many) factors to consider before making your mortgage renewal decision:

1. Do I need more money?
2. Are there any debts that I can include in my mortgage?
3. Can I foresee any lifestyle changes between now and my next renewal date?
4. How long should I lock in my mortgage for this time around?
5. How many years should my amortization be at?
6. Would you prefer a different payment frequency to save on interest?

Working through the list of questions above will either give you confidence in your decision to renew your current mortgage term, or will inspire you to seek other options that may fit more comfortably within your current financial situation. Although the act of renewing your mortgage is typically very easy, the bases on which the decision is to be made, isn’t always clear. Sometimes you may need more money in the near future which would influence you to refinance your mortgage to include the funds that you need. Alternatively, you may decide to shorten your amortization to pay down your principle sooner.

As your mortgage term comes to a close, it may also be an opportune time to reflect upon the current services offered by your lender. Were you satisfied by the quality of the response (as well as the response time) when you had questions? Did you feel like you were getting the best rate possible? Consider shopping around to see if there are providers with terms or conditions that better suit your personal circumstances.
With so much to consider, it’s easy to see that there is so much more to the decision process of mortgage renewals than automatically signing up for another few years. The decisions made in regards to your existing mortgage would have been based on the circumstances at the time, while your decision today should reflect the circumstances you face today, and possibly those that you or your family may face in the near future.
Typically, your lender will begin the renewal process approximately 5 months prior to the maturity rate of your mortgage term. Therefore, ensure you allow yourself a wide window of time to explore different products or providers.
Before you simply sign on the dotted line of your mortgage renewal papers, give Canadian Mortgage Services a call and let us help you make an informed decision today that will ensure your financial stability for years to come. When it comes to mortgage renewals in Brampton and Mississauga, we can help you secure the most competitive, affordable rate, as well as additional benefits that may help give you peace of mind!

We are proud of our long-standing regulation as Brampton’s Mortgage Renewal and Refinance experts for the past three decades, we are confident that we can help you too!