Mistakes To Avoid While Renewing Your Mortgage
Renewing your mortgage might seem straightforward but pitfalls can surprise you. Whether you're in Ottawa or across Canada, the mortgage renewal process requires careful consideration to avoid costly errors. In this blog Jeff Cody will explore the common mistakes homeowners often make when renewing their mortgages and how you can sidestep them. Get ready to navigate the renewal process with confidence!
Ignoring Your Options
When it's time to renew, the path of least resistance may be to stick with your current lender. However, not considering other options such as a 2nd Mortgage or a no-fee transfer can mean missed opportunities. Jeff can present alternative offers that might be more suitable for your evolving financial situation.
Just because a renewal offer lands in your inbox doesn't mean it's set in stone. Many homeowners miss the chance to negotiate better terms. This applies to interest rates, prepayment options and more. Be bold about exploring negotiations to secure the best deal for your situation.
Not Assessing Your Needs
Life circumstances change and so do your mortgage needs. Failing to assess your current financial goals and future plans can lead to a mismatched mortgage. Jeff can guide you in aligning your needs with the right mortgage type, whether it's a Residential Mortgage or a different option.
Rushing the Process
Mortgage renewal may not be as time-consuming as the initial mortgage process but rushing through it can still lead to suboptimal outcomes. Take the time to review offers, consult with Jeff and understand the terms. An informed decision ensures that your renewed mortgage suits your long-term plans.
Disregarding Your Credit Score
Your credit score plays a significant role in mortgage terms. Skipping a credit check or not addressing credit issues before renewal can result in higher interest rates. Jeff can guide you in improving your credit score before renewal, potentially saving you thousands over the life of the mortgage.
As you approach your mortgage renewal, remember that a well-informed decision can lead to substantial savings and a mortgage that truly aligns with your financial goals. You're taking proactive steps towards securing your financial future by avoiding these common mistakes and seeking guidance from an expert like Jeff Cody.