Posted: 1 Jul '19

What Opportunities Do Edmonton Homeowners Have When Their Mortgage is Up for Renewal?

Mortgage Renenwal Edmonton

If you are up for mortgage renewal in Edmonton, you may have more opportunities than you realize. When mortgage renewal time comes up, most homeowners don't bat an eyelash. They say yes, and often pay more than they should. Banks hope homeowners are lazy and will accept the first renewal offer they receive.

Accepting the offer that your current lender gives you for your mortgage renewal in Edmonton without doing more research is not a wise choice. Speaking with an experienced mortgage broker can help you figure out what the best option will be. Depending on the circumstance of your original mortgage, a new bank will cover the costs of transferring the mortgage to them.

What are You Options When It Comes to Mortgage Renewal in Edmonton?

To start, if you have good credit, you have the option to renegotiate better terms with your current mortgage lender. You can go into the bank looking to get a lower rate than what they initially offered you.

Once your current lender has given you their final offer, call a mortgage broker and let them shop around for you. Your first offer for mortgage renewal in Edmonton does not have to be the one you accept. You might be surprised what an experienced mortgage broker can find for you.

Mortgage renewal time is also an opportunity to restructure your finances, maybe the timing is right to take out more money to invest for retirement, or extend the amortization to lower your payments.

You Have Choices - Take Advantage of Better Terms

When it comes to mortgage renewal in Edmonton, you have choices. Don't just be OK with your bank’s first offer. At renewal time, you should talk to a mortgage broker to make sure you’ve considered all options available to you.

Dominion Lending Centers Mortgage Mentors can help you with your mortgage renewal in Edmonton. Contact a mortgage broker for more information.

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