Should You Renew Your Mortgage? Why a Professional Mortgage Broker Can Help.

If there is one constant in life, it’s that things change – and circumstances have probably changed since you hired a mortgage broker and took out your current home loan.

Perhaps your current mortgage is no longer a good fit for you and your family and you are thinking of talking to a mortgage broker about mortgage renewal.

After all, shouldn’t your mortgage adjust according to your changing circumstances? 

If you are considering renewing your mortgage it is very likely that you are in the process of reevaluating your financial goals and reflecting on the last time you spoke with your broker.  

Is mortgage renewal right for you?

Maybe your income level hasn’t changed significantly but the value of your home has, in which case adjusting your monthly payments might be a wise thing to consider. 

The process of renewing your mortgage in Vancouver boils down to finding a loan that best reflects your new lifestyle. 

This is why it is so important to find a professional mortgage broker who will sit down with you and talk about your interest preferences: are you looking to save through variable rates or seeking the simplicity and security of a fixed rate term?

A good mortgage broker will speak to you about your current mortgage and how your needs have changed since you signed up for it. 

Keep in mind that you don’t have to renew your mortgage through your current lender.

A professional mortgage broker can make a big difference helping you choose from a host of loan terms at competitive and less competitive rates. 

Start shopping

Don’t wait until you get a renewal letter from your lender. 

Get in touch with a mortgage broker a few months before your mortgage term expires to see what’s out there, and if you can find loan terms that are a better fit for you. 

Remember that if you don’t take initiative on time the lender may automatically renew your mortgage for another term.

You may qualify for a lower rate and not even know it. 

Mortgage renewal can save you money, so contact us now to speak to a professional mortgage broker about your options.