Renewal, Transfer, Refinance

Considerations

When you get close to your renewal date and come to the fork in the road let Dennis help guide you down the trail of renewal or switching lenders. He makes the switch/renewing your mortgage process easy. A renewal/switch is usually straight forward, but should be well thought out. There is lots to consider including the time frame of owning the real estate, any plans to modify the property and of course reviewing all your options. Choosing the right term and payment is crucial so it is suited to your current financial plan along with your future goals. You want your mortgage to fit your lifestyle and still be flexible if anything is to change.

Choosing another Lender

About six months out from your mortgage renewal your current lender will send you a renewal notice.  As easy as it would be just to sign that notice and continue with the conditions, it’s important to ensure that you are getting the best rate and mortgage.  Let Dennis do a quick review to make sure you are exactly where you should be.

Your renewal date is a fresh start, and if there’s another lender that’s able to provide something that better suits your needs for the next term, he’ll find it. There is an assumption that you should just renew, but take the time to review all your options.

Renewing or Switching Early

Depending on the type of mortgage you have, you may incur a penalty if you decide to break your mortgage early.  In some cases when rates are about to go up, or are at extreme lows, it can make sense to break the mortgage terms and secure the current rate.  Dennis will crunch the numbers, find you the right mortgage and make sure it’s financially worth it.

Refinance

Life happens!  Isn’t that the truth.  Sometimes it can make sense to refinance your mortgage.  What does that mean?  It’s basically redoing your mortgage. Maybe you want to stretch out your payments to make them lower, or maybe you want to shorten the duration, or maybe you want to finance a larger amount and withdraw some cash from your equity to take care of whatever life threw at you.

Contact Dennis for all your Transfer, Renewal and Refinance questions!

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