As your mortgage term nears its end, it's time to make a decision about renewal. Many homeowners are unsure about the best steps to take. Here’s some key advice to guide you through the process, whether you’re a first-time homebuyer or a seasoned property owner.
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Review Your Current Mortgage: Before renewing, assess your existing mortgage. Are you still satisfied with the interest rate and terms? Compare your current deal with what’s available in the market.
Shop Around: Don’t settle for the first renewal offer from your lender. Take the time to shop around for better rates and terms. Rates vary across banks, credit unions, and brokers, so it pays to be proactive.
Consider a Fixed vs. Variable Rate: Fixed rates provide stability, but variable rates might offer more flexibility if interest rates go down. Understand the pros and cons of each option in relation to your financial goals.
Extend Your Mortgage: If you’ve been making significant progress on your mortgage, consider increasing the term or paying down more principal. This can help reduce your monthly payment and free up cash flow.
Talk to a Mortgage Agent: Consulting with a mortgage professional, like Satish Kumar, ensures that you choose the best path based on your unique financial situation.
With the right approach, renewing your mortgage doesn’t have to be stressful. Take the time to explore all options for a better future! info@satishkumarmortgage.ca
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