What is Mortgage Renewal?
When you get a mortgage with a lender, your contract is in effect for a specific period, we called it Mortgage Term. It can range from a few months to five years or longer. You must renew your mortgage at the end of each term unless you pay the balance in full. At Mortgage Diligent, we can help you to get better deal than your current deal with 50+ lenders and 100+ products. Our case presentation and relationship with leaders help you get best possible renewal saving thousands of dollar.
Review your mortgage needs
When your mortgage term comes to an end, you have to pay off your mortgage in full or renew it. This is a good time to review your mortgage needs and make sure you have the right product.
To help you find the right mortgage, consider if:
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• your budget allows you to increase your payments to pay off your mortgage sooner and save on interest
• you want to change your payment frequency
• you’re likely to make additional payments
• you’re satisfied with the services offered by your current lender
• to consolidate other debts that have higher interest rates and increase the amount of your mortgage
Switching to another lender
You may decide to switch your current mortgage to another lender for a loan of the same amount. If this is the case, the new lender will need to approve your mortgage application. The new lender may use different criteria than your original lender to decide if you qualify for a mortgage.
Costs to change lenders
Make sure you find out the costs of changing lenders, such as:
setup fees with the new lender, which may include discharge, registration, transfer and/or assignment fees from your current lender
• an appraisal fee to confirm the value of your property (if necessary)
• other administration fees
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