Mortgage Renewals

Mortgage Renewals: Are You Getting the Best Rate, or the Best Product?

Many homeowners simply renew their mortgage with their existing lender because they believe it’s too time-consuming or complicated to explore other options. However, your mortgage renewal is an important opportunity to reassess your financial situation and ensure you’re getting the best deal.

Lenders typically send renewal offers to homeowners with good payment histories, and about 70% of homeowners accept them without question. While renewing without inquiry might seem like the easiest choice, it’s important to consider whether it’s still the best option for you.

Your mortgage needs may have changed since you first signed on. For example, you might want to consolidate high-interest debt, access home equity for renovations, or even explore financing for a vacation property. Are you confident that you’re getting the best rate, or the best product for your current needs?

This is where I can help. As an independent mortgage professional, I can present multiple options from a range of lenders, including major banks, credit unions, and regional institutions. By having multiple lenders compete for your business, you can ensure that your mortgage aligns with your current financial needs and goals.

Let’s talk about your renewal options and see how you can make the most of this opportunity.