6 Reasons to Work with an Expert on Your Mortgage Renewal

Given the large financial commitment of a mortgage, it’s surprising that so many homeowners sleepwalk through the mortgage renewal process and don’t look at all their options in the marketplace. Many accept whatever their lender offers or just have a short negotiation to shave a few points off. While it’s tempting to choose what is easiest, it’s so important to have a mortgage expert working for you as early as 9 months prior to renewal. Here’s why: 

1. They have access to over 50 lenders so they can make sure you are being offered the best deal possible.

2. Having a good credit score is important if you want to switch your mortgage to a new lender for a better deal. Your current lender may also take your score into consideration at renewal. You have more control over your credit score than you think, and you may want to discuss credit improvement strategies. 

3. If you have enough equity in your home, you may be able to move high-interest debt to your lower-rate mortgage, improving cash flow and saving on interest. Renewal is the perfect time to do this. A mortgage expert can run the numbers to see if this strategy makes sense for you.

4. Taking on new debt or leaving your current employment prior to renewal can affect your ability to move your mortgage to another lender. Discuss the potential impact of changes to your personal situation with your lender. 

5. If your mortgage isn’t insured, a mortgage expert can help determine if you can switch to a lower-rate insurable mortgage that offers long-term savings. 

6. If you need to free up cash flow for specific needs or life situations, a 30-year amortization might be an option for you to consider (20% or more in equity is required). 

With access to dozens of lenders and hundreds of mortgage options, a mortgage expert can guide you to an informed decision, so you always get the best package of rate and features that best fits your needs.

“ A mortgage expert adds to the flexibility and options you may have at the time of renewing your mortgage.  You may need additional cash or a quicker approach on how to pay your mortgage down faster, a mortgage expert can assist you and give you an unbiased opinion on how to achieve your goal and map out how to get there as expeditiously as possible.” — Leo Manchisi    

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Sean Kavanagh 905.220.9198
Leo Manchisi 905.334.9650