My Mortgage is Coming Up for Renewal in Winnipeg, What Now?
January 12, 2024 | Posted by: Ron Chan
Back when you initially entered into your mortgage contract, it was drafted for a specific period of time known as the mortgage term. At the end of this term, you are required to renew your mortgage.
You recently received notice from your lending institution that your mortgage is near the end of its term.This notice probably came with renewal forms and a letter encouraging you to sign them as soon as possible. We encourage you to not do what 70% of mortgage holders do - sign and send your renewal forms back to your lender without asking any questions. Doing so is great for the lender, but generally not for you. Thankfully, you’ve come online and entered “My mortgage is coming up for renewal” in search of answers for how to best move forward. Below is everything Winnipeg homeowners need to know.
What You Need to Do When Your Mortgage Term is Coming to an End and It’s Time for Renewal
Consider Paying Off the Balance?
At the end of your mortgage term, you are required to renew your mortgage unless you can pay off the remaining balance. You may assume by looking at your bank account that you cannot pay off the balance. However, have you considered securing a separate loan to cover that balance, one that offers a significantly lower interest rate than what you would pay by maintaining the renewal rate being pushed on you by the original lender? An alternative lender may be able to provide a loan in the amount of the balance due, and offer you a way to pay-off your mortgage and pay the loan back at a lower rate than what you are accustomed to paying now. Learn more about this possible option by contacting Winnipeg mortgage broker today. Call 204.290.9950 for a friendly conversation.
Have a Mortgage Broker Manage the Renewal for You
You may not realize that there are in fact a number of lenders in the Winnipeg area who are ready to compete (against your current lender) for your business. To compete, they will offer better mortgage renewal rates. How are you to present your case to them? How are you to ensure that they give you the best possible renewal rate offers? By working with an established mortgage broker,.
Winnipeg homeowners can depend upon renewal specialist Ron Chan for this important mission. Ron has long-established relationships with lending institutions in the region. His “circle” includes Canada’s big banks, credit unions, and trusts in addition to other national and regional lenders. Ron Chan will present your case and position you into a position of negotiating power, especially if your mortgage has been in good standing (consistently met all payments) throughout the initial period. Ron will negotiate the best possible fixed or variable mortgage rate, superior to anything being marketed to the masses. As a result, your next mortgage term will likely be your last (as desired) for the property in question as you are able to pay it off faster via lower monthly payments. After this, your next mortgage question could be about buying a second home!