If you still have money owing on your mortgage, you’ll need to undergo a renewal process once your mortgage term expires. While the process may seem intimidating, it’s an opportunity to reflect on whether your current mortgage is still the right fit or if a better rate is out there—and our Mortgage Experts are here to help. Keep these tips in mind when it comes time to renew your home mortgage.
Get Ahead of the Game
Starting the renewal process early can help you secure the best rate and avoid last-minute decision making. Research what other lenders are offering so that you’re in a better position to compare against your current rate and weigh your options.
Currently have your mortgage with Interior Savings? You can renew your mortgage up to 6 months in advance without a penalty – this is handy in the event that rates continue to rise! To keep things even more convenient, we can hold your rate for up to 90 days too!
Plan for the Future
A lot can happen between when you sign your mortgage and when it’s time to renew. If you anticipate any big life changes or milestones over the next few years, like starting a family or sending your kids off to college, you’ll want to take that into account when determining whether your current rate, term and product are still right for you. Other circumstances to consider are job security and status, health and even the security of your familial relationships.
Consider Fixed vs. Variable Rates
As you get ready to renew your mortgage, don’t forget to reflect on whether your current rate option still meets your needs. Mortgage rates fluctuate with the rise and fall of the market and when choosing between a fixed or variable rate, the stability of the market can play a big role in helping you make your decision.
With a fixed-rate mortgage, your interest rate and payments are fixed for the term of your mortgage; however, interest rates are typically lower with a variable-rate mortgage—if you can ride out the highs and lows. Our Mortgage Experts can help you determine which rate option is right for you.
Don’t Be Afraid to Switch Lenders
If you’re worried about facing piles of paperwork and hefty discharge fees after breaking up with your current lender, don’t be. If you decide to move your mortgage to Interior Savings, we’ll help make the transition as pain-free as possible. A few extra forms will be worth it to get a better rate and more flexible terms.
At Interior Savings, we’re proud to offer some of the most competitive mortgage rates around and our team is ready to help you navigate your renewal. Come visit us at a branch near you or give us a call today.