Mortgage Renewals Made Simple

When it’s time to renew, don’t go it alone.

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Mortgage Renewals Are Opportunities

Getting a mortgage is a long-term commitment. Most standard mortgages last 20-30 years, but the terms within these mortgages are shorter, often around 5 years. When your mortgage term ends, it’s time for a renewal. A renewal is more than just signing a contract—it’s an opportunity to re-evaluate your mortgage and make sure it still works for you.

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What Is a Mortgage Renewal?

A mortgage renewal is when you extend your mortgage for another term. It involves re-negotiating the terms of your mortgage, which could include:

  • Interest rates: Hopefully lower than your current rate.
  • Payment frequency: You can adjust your monthly or bi-weekly payments.
  • Switching lenders: You may find a better deal with a different lender.

Why Renew Your Mortgage?

Mortgage renewal is a chance to save money and improve your financial situation. Here’s why refinancing might be the right move for you:

  • Take Advantage of Lower Interest Rates: Even a small decrease in your interest rate can result in significant savings over time.
  • Access Home Equity: Use the equity you’ve built in your home for renovations, debt consolidation, or other investments.
  • Adjust Your Payments: You can change your payment frequency or increase your payments to pay down your mortgage faster.

No matter where you are—including Calgary, Surrey, Vancouver, or the Lower Mainland—Jason can help you know when, and how, to renew your mortgage the way that works for you.

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What Should You Consider at Mortgage Renewal?

Here are some key reasons to rethink your mortgage terms when it’s time to renew:

Has Your Budget Changed?

If your income has increased, you might want to raise your monthly payments to pay down your mortgage faster and save on interest. On the other hand, if your financial situation has changed, you might want to reduce payments to make them more manageable.

Is Your Payment Frequency Working for You?

If your current payment schedule isn’t ideal, now’s the time to adjust it during your renewal.

  • Monthly payments: Ideal for budgeting but could extend the life of your mortgage.
  • Bi-weekly payments: Paying every two weeks can reduce the mortgage term and save on interest.

Are You Carrying Other Debt?

Refinancing can be a great way to consolidate high-interest debt (e.g., credit cards, personal loans, lines of credit) into your mortgage. This can reduce your overall interest payments and make it easier to manage your debt.

Are You Happy With Your Current Lender?

Not every mortgage lender offers the best terms. If you’re not satisfied with your current lender, mortgage renewal is the perfect opportunity to shop around for better options. A lower interest rate or new perks could make a big difference.

How a Mortgage Expert Can Help You During Renewal

Renewing your mortgage isn’t just about signing the renewal letter your lender sends. It’s about ensuring that you’re getting the best deal possible.

An expert mortgage broker can:

  • Negotiate on your behalf: Fight for better rates or terms that better suit your needs.
  • Shop around for the best deal: Compare offers from multiple lenders to find the most beneficial terms.
  • Help you make the right choice: Whether switching from a fixed-rate mortgage to a variable-rate one or adjusting your payment schedule, a mortgage expert will help you navigate your options.

If your renewal is approaching, Jason is here to help.

Jason Humeniuk

Calm The Mortgage Renewal Storm

Before renewing your mortgage, assess your finances, understand your options, and be proactive. With Jason’s expertise, you’ll explore the best rates and terms tailored to your situation, whether you’re simply looking to renew your mortgage, or refinance to access equity to consolidate your debt or renovate. Don’t settle for the standard renewal offer—Jason will help you navigate the complexities and secure the best deal possible.

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If you are ready to buy a home, or want to know more about what you can afford, Jason is here to help. Reach out using the form below, or better yet, call Jason now.

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