Don’t renew your mortgage without speaking to an Ottawa mortgage professional, like our team at the Mortgage Emporium!
Review Your Options
If it will be time to renew your mortgage in the near future, we advise that you take the time now to review the different options that are available to you. There are many different aspects of a mortgage, and when you renew your mortgage you may have the opportunity to change one or more of these to make your loan more affordable.
Change Your Rate
More often than not, interest rates will have changed since you obtained your original mortgage. If rates have gone down and you are in a fixed-rate mortgage, renewing your mortgage at a lower rate could save you a good deal of money.
That is why, as we said in the beginning of this post, you should not renew your mortgage without speaking to a professional. If you just blindly sign your renewal, you may be agreeing to continue paying a higher rate than what is currently available to you.
Change Your Monthly Payment
You may have the option to adjust your monthly payment when you renew your mortgage. If you want to pay off your mortgage faster and have the room in your budget, increase your monthly payments. If you are less concerned with how quickly you can pay off your mortgage and would like more wiggle room in your monthly budget, ask about decreasing your monthly payments.
Re-Evaluate Your Mortgage Insurance
If you have been paying an insurance premium with your monthly mortgage payment because either your credit or down payment was too low when you obtained your mortgage, you may be able to adjust these premiums or even get rid of your mortgage insurance premiums altogether.
If you do decide to discuss changes to your mortgage agreement, make sure to review the amended mortgage contract before you sign the official documents.
At the Mortgage Emporium, we are always happy to help our clients save on their home financing, whether they are first-time home buyers or looking for help as they renew their existing mortgage.
Give us a call today to set up your mortgage consultation and start saving now!