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Maximizing Savings at Mortgage Renewal in Canada: Tips and Strategies
January 30, 2023 | Posted by: Matt Broom-Hall
Maximizing Savings at Mortgage Renewal in Canada: Tips and Strategies
Mortgage renewal is an opportunity for homeowners to review their current mortgage and see if they can secure a better deal. With interest rates constantly changing, it's important to take advantage of this chance to save money on your mortgage payments. Here are some tips and strategies for maximizing your savings at mortgage renewal.
- Shop Around for the Best Rates: Don't just accept the first offer from your current lender/bank. As licensed mortgage brokers in Alberta, we will compare rates and offers from different lenders, including banks, and credit unions on your behalf. This is a win-win as this can help you find a better deal and save money in the long run. Best of all? We do this at no cost to you!
- Negotiate with Your Current Lender: Your current lender may be willing to match or beat the rates offered by other lenders. Let them know that you're shopping around and ask them to provide a competitive offer.
- Consider Refinancing: Refinancing your mortgage can be a good option if you're looking to lower your monthly payments or shorten your mortgage term. Before you make this decision, however, be sure to consider all the costs involved, such as closing costs and penalties for breaking your current mortgage.
- Review the Terms of Your Mortgage: Look at the terms of your mortgage, including the interest rate, payment schedule, and amortization period. Determine if there are any changes you can make to these terms that will help you save money. For example, increasing your payments or shortening your amortization period can help you pay off your mortgage faster and save on interest costs.
- Get Professional Advice: We can provide valuable advice and guidance on the best options for your specific needs and help you negotiate the best deal possible. We can also help you navigate the mortgage renewal process and ensure that everything is handled efficiently and professionally.
In conclusion, mortgage renewal is a great opportunity to save money on your mortgage payments. By shopping around, negotiating with your current lender, considering refinancing, reviewing the terms of your mortgage, and getting professional advice, you can find the best mortgage for your specific needs and maximize your savings.