After all the research and work that goes into securing a mortgage, it can seem like just a blink of an eye before it’s time for you to think about renewing.
While it might seem tempting to save yourself the time and worry, and just to sign the mortgage renewal your existing provider offers you, renewing your mortgage is a big decision. If you want to get the best deal, there are a few points to consider that could help you save significant money.
Before You Sign Your Mortgage Renewal
We couldn’t possibly cover all the scenarios around mortgage renewal here, but a good place to start is to ask yourself a few questions:
- Is it going to pay to be loyal? Your current mortgage provider is banking on the fact that you’ll stay with them, just because it’s easier and they’ve provided good service in the past. But there’s a whole wide world of banks, credit unions, trusts and other mortgage providers out there, and they’re all ready to compete for your business. All you have to do is take advantage.
- Are you ready to negotiate? When you’re doing your research and gathering posted rates from providers, remember that the initial number isn’t always the best they’ll offer. It’s the squeaky wheel that gets the deal, so be sure to do a little poking and prodding to see if you can drive down the number.
- Have you done your homework? When it comes to mortgages, cheaper is great but it isn’t always the right way to go. Before you sign on the dotted line for the best rate available, check the details of your new agreement. Things like penalty guidelines and the ability to pay extra on your mortgage should you want to are important features, but not every agreement will have them. Read the details of your agreement carefully, and if you’re not sure, ask.
Mortgage Brokers to the Rescue
If all that research seems overwhelming, remember that a mortgage broker can do the legwork for you. At Mortgage Guys, we have access to multiple lenders and are experts in finding the best rates and packages for our clients. With us working for you, you can rest easy knowing you’re getting a great deal, hassle-free.