What do you do when you get those Renewal Papers in the Mail?
Are You Comparing Apples & Oranges?When the term of your mortgage is about to mature, most lenders will mail out their renewal agreements a few months before the maturity date.
By obtaining a Pre Approved mortgage, I can Guarentee your rates up to 120 days before your mortgage comes due. This protection helps you in case there is a rate increase in those last couple of months prior to the mortgage maturity. This could save you thousands of dollars down the road.
When your mortgages is due for renewal, it is a great opportunity to make sure you have the right mortgage for your current needs. As the mortgage is fully open on maturity, it is the perfect time to pay down your mortgage. Whatever you can afford will have a significant impact on your mortgage and your ability to be mortgage-free sooner. It is also a great time to consider a more frequent payment method, such as bi-weekly or weekly to further reduce your mortgage. Also, if interest rates have decreased since your last mortgage, you may want to consider keeping your payments at the same level as this will also allow you to pay down the principal at an accelerated rate.