Mortgage renewal season is here, and many homeowners are feeling the pressure. If you are thinking about negotiating a better rate or unsure how to start, you are not alone. In Ontario, mortgage renewal is a good opportunity to secure a better deal—if you know the right steps!
In this blog, we will share four expert tips to help you take control of your renewal, negotiate effectively, and save money over time.
1. Do your research
Before you sit down with your lender, take the time to research current mortgage rates in the market, as they can vary significantly between lenders, and you may find better options than what your current lender is offering.
Use online tools to compare rates and understand where your current offer stands to gain leverage when negotiating. Research will always provide you with the extra knowledge you need to make an informed decision during mortgage renewal.
2. Leverage your relationship with your lender
Many homeowners in Ontario do not realize how valuable their long-term relationship with a lender can be. If you have been with your lender for years and consistently paid your mortgage on time, use this to your advantage.
In mortgage renewal periods, lenders would rather keep a loyal customer than lose them to a competitor. Always be upfront and let your lender know about your research and how you are considering other options. You might be surprised by how flexible they can be when it comes to offering a better rate to keep your business.
3. Ask about hidden fees and terms
Don’t forget to ask about hidden fees and terms during mortgage renewal. Sometimes, a lower rate might come with extra costs, such as higher penalties for early payments or increased fees for administrative tasks.
Make sure to read the fine print and ask your lender about any potential charges that could add up over the life of your mortgage.
4. Consider a mortgage broker
If you are not confident about negotiating directly with your lender, consider working with a mortgage broker. Brokers have relationships with multiple lenders and know how to get the best deals for you.
Additionally, they can help you find competitive rates and terms you may not have access to on your own.
Let Us Provide a Smoother Mortgage Renewal Process
Life is unpredictable. By the time your mortgage renewal rolls around, your circumstances may have shifted. Perhaps, your income has changed, your expenses have increased, or you have welcomed a new family member.
These changes often demand a revised financial strategy. Now might be the perfect time for a discussion with your lender on better terms, exploring switching, or even leveraging your home equity for investments.
This is where Northwood Mortgage comes in. As one of Ontario’s largest and most reliable mortgage brokers, we have active partnerships with lenders, including banks, credit unions, and private lenders, thus giving you an array of options to pick that align with your needs.
We also act as a reminder to ensure that mortgage renewal dates don’t sneak up on you, and we provide both prime and subprime mortgage renewals to fit whatever financial situation you may be in.
Are you ready to negotiate your mortgage renewal and save money? You can call Northwood Mortgage at (888) 495-4825 or contact us online for expert guidance and access to the best lenders.
