It is important to understand the difference between a switch/transfer or renewal of your mortgage.
Depending on the term you initially choose, your mortgage is normally up for renewal every 2 to 5 years.
Renewal is the time when a mortgage term is open, and you have the option to switch or transfer it to another bank, with a potentially better rate and conditions, or just keep it at your current financial institution.
The good news about renewal with your existing financial institution is that there is no need to provide updated income documents or re-qualify for the mortgage. It is especially important if your financial situation changed for the worse i.e. you lost your job and cannot re-qualify for the same amount.
You just sign the offer that your financial institution sends to you and you are all done.
However, it always makes sense to check what rates are currently on the market, and for that, I am here to help – I can find you the best terms and solutions for your particular situation.
Don’t be afraid of switching mortgage lenders at the time of renewal. It is a standard practice that can potentially save you a significant amount of money.
Never sign the offer from your lender before you shop around and please, make sure that you remember your renewal date.
After analyzing your financial situation, you may realize that instead of switching or renewing your mortgage – the perfect solution for you could be to refinance.
Whatever that best option is for your situation, I am here to help!
With over 18 years of experience in the mortgage and financial fields, I will carefully analyze each situation and depending on your goals, criteria, risk tolerance and family situation – offer the best solution for your situation.