The 10 Things You Need To Consider Before Your Mortgage Matures
You've been paying your mortgage every month without much thought because it's just something you have to do. When you want to refinance or the renewal notice comes in, you go ahead and sign it and continue on. Why not talk to a mortgage broker from Dominion Lending Centres in Edmonton to learn about all the options you have available before it's time for renewal? Here are 10 things to consider before your mortgage matures.
What Are Your Options?
Your current mortgage holder counts on you being one of the 70% of people who don't explore their options but simply sign back their renewal. Your expert mortgage broker can help you explore options that could save you thousands in the long run.
Having the Right Payments
If you're making your mortgage payments but have little left over each month, it may be time to reconsider your mortgage. Maybe your situation has changed and you have more income, so increasing your payments could be a wise choice.
Money in the Bank
Once you own your home, you may need money for other things like a new vehicle, post-secondary education for your children or maybe a tropical getaway vacation. At Dominion Lending Centres, our mortgage brokers can help you learn more about accessing your home equity.
Take a Look at Your Interest Rate
Does your financial situation allow for variable interest rates, or would you benefit more from a fixed mortgage? Having the right interest rate can make a huge difference in the long run when it comes to your mortgage.
Is Relocation in Your Future?
If you think somewhere down the road you might move, we recommend you talk to a mortgage broker. You can negotiate a shorter and more flexible term so you don't pay a high penalty for paying off your current mortgage if you simply renew.
A major renovation can increase your home equity but leave you short of cash. Dominion Lending Centres can help you make your money work for you so you can have the money you need to renovate your home.
Saying Goodbye to Your Mortgage
If you'd like to say goodbye to your mortgage sooner than later, you can increase your payments and save yourself thousands of dollars while you're at it.
Make Your Equity Work for You
You can opt to make use of your home equity for investment purposes or maybe even purchase another property for vacations.
Do You Need Mortgage Insurance?
You may be paying for mortgage insurance that you no longer need if you have enough home equity. This can save you a lot of money in the future and is something you should consider asking your mortgage broker about.
The Price Isn't Right
There's chance you might be paying too much for your mortgage. Our mortgage brokers use your credit history to shop for the best interest rates and mortgage terms. Are you getting what you deserve from your current lender?
At Dominion Lending Centres in Edmonton, our mortgage brokers take finding you the best mortgage seriously. With analysis of the mortgage markets to ensure the most current knowledge and rates, you know you're getting the best bang for your bucks! Contact us today to get the most out of your mortgage instead of simply signing your renewal.Request Mortgage Info