For homeowners who’ve been paying on their home loan for years, chances are good that a letter has come in the mail from the bank notifying you that the loan has matured and is eligible for renewal. The biggest mistake you can make is taking them up on their offer without knowing your options.
Without knowing it, you could be tying yourself down into several more years of a disadvantageous rate that sucks up more money than your house is actually worth. You could instead be taking advantage of a fantastically low rate that lets you pay for the same home with less money—but you would never know that if you go straight to the bank.
Another thing that all too often surprises homeowners is the fact that their bank generally only notifies them about their mortgage being eligible for renewal roughly a month ahead of the maturation date. This is an intentional move on the bank’s part. It puts you at a sever handicap by limiting your ability to shop around for the best rates and restricts your options. Don’t fall into the trap!
Mortgage brokers can help greatly in these situations. With Mortgage Captain, we keep abreast of all current mortgage trends and can help you shop your maturing mortgage to other lenders well before your bank gives you short notice. That offers the flexibility and freedom you need, without limiting your choices. You can choose from shorter and longer terms, higher and lower rates, fixed and variable rates, and many other factors that help to customize your renewal.
Make the most of your time and try to gather as much information as you can about other rates and possibilities for your mortgage renewal—even before the renewal date comes up. That way, you’ll be able to make an informed decision about your mortgage without feeling pressured by the renewal deadline. Decisions like this can’t be rushed, nor can they be done with a limited set of renewal options (namely the single option the bank wants to give you).
Mortgage Captain works with a 50-member wide network of trusted lenders, to ensure you get the best terms possible. We service any person with bad credit or who is in dire financial straits.
So, what are you waiting for? Call Mortgage Captain today at 844-254-4376 to learn more about how mortgage renewal in Ontario can help you get a better rate and the right term for your specific needs.