There are a few essential things to know if you have a Mortgage. For instance, it is important to renew the mortgage at least once before you have paid completely, as per mortgage agent Brampton. Unless you have extra cash lying and pay your balance in the first term of the mortgage, there are chances to renew your mortgage at the end.   

Are you also planning to renew your mortgage? 

If it is a YES, stop looking further, as Avon Financial has your back. If you are not aware of what exactly is Mortgage Renewal, there is nothing to worry about, as our experts will help you go through the process and stand by you 24/7.  

Mortgage renewal is a process where the mortgage outstanding balance is taken and renewed for the next term—hoping that you get the best rates for your mortgage now. If you forgot about your maturity date for the mortgage, there are chances that your mortgage provider will send you a mortgage renewal slip. 

The slip will feature a new mortgage rate and term offer, which an individual can quickly sign and send back to the mortgage broker renewal. 

Various Mortgage Renewal Options 

Different mortgage renewal options are available with us, but you need to consider some tips mentioned here.  

Consider your financial objectives 

Reviewing your financial objectives before signing the mortgage renewal slip is mandatory. When it comes to mortgage renewal, one must ensure that the current provider can offer the best possible mortgage product which will align with your requirements. For example, if your mortgage term is for 5 years at a fixed rate, the renewal slip will also be for the fixed 5 years. 

Assume you will stay in your house for that time, but if you know there is a chance to downsize or even move to a new city, you need to look for a three-year product.  

You can connect with our experts to help you decide which product or lender you should choose. 

Start looking for mortgage renewal in Canada early 

You might be wondering how even to renew your mortgage so soon. The phrase is perfect for the mortgage renewal process. We can help you send your renewal slip some time in the last 30 days for your mortgage term, and you can also start negotiating as early as just 120 days before your maturity date. First, you need to find the maturity date on your mortgage contract to ensure you are ready. 

 It will give you time to start considering switching providers if you cannot negotiate a better offer with your current lender. There are chances that you cannot change your mortgage date until maturity time. Still, you don’t have to stress because it is a golden period that allows our professionals to give you the best possible advice on your mortgage renewal and find better products for you.  

Get a rate hold 

 You can use our mortgage brokers to check the rates and hold them. The process can happen seamlessly as our broker will help you look around for a better rate. Instead of going from one lender to another, our broker can pull your credit report once and find a list of lenders who can work along with your objectives and give you the best rates. Our mortgage broker can also tell you what the rate hold is.  

For instance, if you are not ready to allow your current lender to match that rate, you can ask our experts for a rate hold. A rate hold is ideally a process that protects you from interest rate increases for at least 120 days. You don’t need to stress if the interest rate goes down during that time, as you can negotiate down to that new low rate too. In addition, rate hold lock in the rate; if you are stressed, rates will rise before you are ready for renewal.  

Give yourself some time to switch accounts 

 You might be wondering if it is side to switch lenders as you might wonder where you should start looking for a remortgage. You don’t need to stress as you can connect with our experts at Avon Financial. All you need to do is submit a mortgage application while you are applying for a new mortgage.  

You will need documentation like income proof, house ownership, property insurance, and a copy of the mortgage renewal letter.  

Renewing your mortgage can be seamless and quick with your current lender. But signing the renewal slip and sending it back would not get you the best mortgage rate or product. So instead, follow these tips and hire our experts to provide you with the best possible mortgage renewal advice and information.