How to Get the Best Mortgage Renewal Rate In Winnipeg
Dealing with the mortgage can often be a hassle, so it makes sense that a lot of people tend to sign the papers and get on with it. Unfortunately, this can often mean that you’re leaving money on the table, especially if the time has come to renew your mortgage and you’ve been a good client.
When a mortgage is first signed, the terms won’t exactly be favorable for you, since the lender doesn’t know you and hasn’t had the chance to build up some trust. However, by the time your mortgage renewal comes around, then your lender will have gotten to know you better, and this can get you better rates.
Even if your current lender isn’t willing to sign a contract with you that offers more favorable rates, there may be competitors who are. Getting a mortgage renewal notice in the mail is an opportunity to save money as you finance your home, so don’t pass it up.
If you’re a good negotiator, then you can probably handle negotiating with your lender on your own, especially if you have prior experience with mortgages. On the other hand, if you’re new to the game and you want to be sure that you don’t make a mistake, then you can always hire me to handle your mortgage renewal.
I have plenty of experience working with mortgages, and I know how to take a look at the offers on the table and negotiate down to the rate that you desire. Even if you just need a consultation about which lender you should choose or how you should go about renewing your mortgage, our services are available.
The Renewal Process
First off, you’ll have to decide on the right terms for you, so take a look at what you have been paying on your mortgage and see what you would like to adjust. You’ll also want to compare your financial situation to when you first signed the mortgage, as that can influence how you change the terms.
If you can afford to pay off more of your mortgage per month, then consider increasing the amount that you pay every period so that you can own your house sooner. Another way of going about this is through paying off a portion of your mortgage in one lump sum.
Also, consider your relationship with your lender and whether or not you want to continue doing business with them. If you have had any experiences that soured your relations with them, then this can be a great opportunity for you to find a lender that will treat you like a respected client.
Yet another option which is available when going through the renewal process is debt consolidation, in which you combine two of your debts. Typically, one of them is a low-interest debt (like your mortgage), and the other is a high-interest debt (like unpaid credit card bills) since it will reduce the amount of interest you pay on the latter.
Your Mortgage Renewal Statement
The renewal statement is the piece of paper that will let you know that your mortgage is about to be renewed, and it needs to be sent to you at least 21 days before expiry in Manitoba. The statement will contain everything that you need to know about your current mortgage as well as when it needs to be renewed.
Your renewal statement will tell you key things like the balance due at the time of mortgage renewal, the interest rate when the agreement was signed, and a lot more. Try to use the renewal statement like a reference when putting together your ideal terms upon renewal.