Renewing My Mortgage
When Can I Renew My Mortgage
Most first time home buyers and move up buyers spend a lot of time, and effort in shopping for a mortgage. When it’s time to renew their mortgage they are not as diligent. Most homeowners trust that their lender is offering the best mortgage renewal rate and therefore do not compare rates with other lenders.
As long as you have been making your mortgage payment throughout the term of your mortgage your current lender will offer to renew your mortgage. The rate they offer will depend on your repayment history and the information on your credit bureau prior to them sending you the mortgage renewal offer.
At the end of your mortgage term, you have three choices – renew, switch, or refinance your mortgage. With renewing and switching your mortgage to a different lender you are not taking additional funds, while with a refinance you are consolidating debt.Whichever option you are thinking of doing it’s always a good idea to check with your Sunlite Mortgage agent. They could advise you if the mortgage renewal rate you are getting is the best as they get a daily update of interest rates from over 60 lenders and could compare for you. At this point you could renew or switch at no cost to you.