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Maximizing Savings at Mortgage Renewal in Canada: Tips and Strategies
January 29, 2024 | Posted by: Matt Broom-Hall
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Unlock the Secrets to Level Up Your Canadian Mortgage Game and Save Big at Renewal Time
Attention, Canadian homeowners! Are you looking to level up your mortgage game? If so, you're in the right place. Today, we'll be revealing insider tips and savvy strategies to help you keep more $ in your wallet at mortgage renewal time. So, without further ado, let's spill the tea on how to make the most of your mortgage and save BIG!
1. Know Your Options:When it comes to mortgage renewal time, knowledge is power. The more you understand about the different types of mortgages available, the better equipped you'll be to make informed decisions. So, before signing on the dotted line, take some time to research variable, fixed, and hybrid mortgage rates, as well as the pros and cons of each.
2. Shop Around for the Best Deal:
Never assume your current lender will automatically offer you the best renewal rate. To ensure you're getting the most competitive rate, compare offers from multiple lenders. Don't be afraid to negotiate – after all, lenders want to keep your business, so they might be willing to match or beat their competitors' rates to secure your mortgage renewal.
3. Opt for a Shorter Amortization Period:
While it might be tempting to spread your mortgage payments out over a longer period to lower your monthly payments, this can cost you more in the long run due to increased interest charges. By opting for a shorter amortization period, you'll pay off your mortgage faster and save on interest costs.
4. Make Lump-Sum Payments:
If you come into some extra cash, consider making a lump-sum payment towards your mortgage principal. Most mortgage agreements allow for prepayments without penalty, and doing so can save you a substantial amount in interest charges over the life of your mortgage.
5. Take Advantage of Mortgage Features:
Many mortgage products offer features like flexible payment schedules, prepayment options, and portability. Make sure you understand how these features work and take advantage of them to save money and tailor your mortgage to your financial needs.
6. Keep an Eye on Your Credit Score:
A healthy credit score can translate to better mortgage rates at renewal time. Pay your bills on time, don't max out your credit cards, and check your credit report regularly to ensure there are no errors that could negatively impact your score.
7. Consult a Mortgage Broker:
Enlisting the help of a mortgage broker can save you time and money. They have access to a wide range of lenders and can help you find the best mortgage rates and terms to suit your needs. Plus, their services are typically free to you, as they receive a commission from the lender once your mortgage is funded.
8. Get a Free Mortgage Review from a Mortgage Broker:
A free mortgage review is a comprehensive assessment of your current mortgage, conducted by a mortgage broker. They analyze your financial situation, mortgage terms, and interest rates to determine if you could be saving money by switching to a different mortgage product or negotiating a better rate with your current lender. Here are some benefits of getting a free mortgage review:
a. Uncover Potential Savings:
A mortgage broker can identify potential savings by comparing your current mortgage with other available products. They'll take into consideration factors like interest rates, prepayment options, and other mortgage features to ensure you're getting the best possible deal.
b. Personalized Recommendations:
A mortgage broker will provide tailored recommendations based on your unique financial situation and goals. This personalized approach can help you make the most of your mortgage and achieve your long-term financial objectives.
c. Stay Informed and Empowered:
Getting a free mortgage review keeps you informed about your mortgage and the ever-changing market. This knowledge empowers you to make better financial decisions and helps you stay on track with your financial goals.
d. Peace of Mind:
Knowing that a professional mortgage broker has reviewed your mortgage and provided sound advice can give you peace of mind. You can rest assured that you're making the best possible choices for your financial future.
By following these insider tips, including getting a free mortgage review, and employing savvy strategies, you can level up your Canadian mortgage game and save big at renewal time. Remember to stay informed, shop around, and make the most of the mortgage features available to you.