Mortgage Renewal Coming Up? Consider This Before You Sign it Back!
Five years ago you signed a mortgage to buy a home (or renew an existing mortgage). Is your life the same as it was 5 years ago? Has your career changed? Your family? Your finances? Your home ownership goals?
About 60 days prior to term maturity, you'll get a letter from the bank asking you to sign their renewal offer. At this juncture, you'd do well to remember what the kids say:
'You're not the boss of me!'
Truly, unless you've been living under a rock, chances are your priorities have indeed shifted over the years. Your mortgage should too. Consider just a few key terms that might be worth shopping around for:
2-year, 3-year or 5-year term
Pre-payment privileges (10/10, 15/15, 20/20)
Self-serve option to change your payment
Yearly review by a licensed mortgage broker (hint hint)
Never assume the mortgage being offered at renewal is the best mortgage - or rate - for you and your family. That's one product out of dozens that may be available to you. Here's what to do.