Renewals

Why You Should Let Your Mortgage Agent Handle Your Mortgage Renewal:

1. Expertise in Competitive Rates: Mortgage rates are still at record lows, and lenders are eager to attract new customers. By allowing your mortgage agent to compare rates from different lenders, you may find a much lower interest rate that can lead to substantial savings over the life of your mortgage.
2. Comprehensive Understanding of Your Options: Renewing your mortgage is a great opportunity to reassess your financial situation and explore all available options. Mortgage agents have access to various lenders and can provide insights on terms and conditions that may better suit your current needs.
3. Potential Savings: Taking advantage of your mortgage agent’s expertise can result in significant savings—potentially thousands of dollars over the term of your mortgage. Even a small difference in interest rates can have a considerable impact on your monthly payments and overall loan cost.
4. Negotiating Better Terms: When you let your mortgage agent work on your behalf, you gain the benefit of their negotiation skills. They can approach lenders with the information you provide and may secure a better rate or terms to benefit your situation.
5. Evaluating Your Financial Goals: Your financial circumstances may have changed since you first took out your mortgage. Now is the perfect time to reassess your goals—whether it’s paying off your mortgage sooner, consolidating debt, or tapping into your home’s equity. Your mortgage agent can help you determine the best strategy.
6. Be Aware of Regulatory Changes: It’s important to note that the Office of the Superintendent of Financial Institutions (OSFI) has implemented changes effective November 2024. Notably, these changes include the removal of the stress test for mortgage renewals, which means you could qualify for better rates and terms without the additional pressure of meeting a higher benchmark. Staying informed about these updates will ensure you make the best decisions regarding your mortgage renewal.

Take Action:

Before your renewal date, contact your mortgage agent to initiate the process. They will gather quotes from various lenders on your behalf, ensuring you don’t miss out on potential savings and better terms.

By allowing your mortgage agent to handle your renewal, you can make an informed decision that not only saves you money but also aligns with your current financial goals. Don’t leave your mortgage renewal to chance; act now and secure the best deal for your future!