Mortgage Broker in Edmonton, AB
The majority of mortgages are taken over a long period of time, often 25 years and are put into shorter terms often 5 years. Lenders make it simple for the mortgage holder to simply renew with them at whatever rate and terms they offer. This is a great time to have the mortgage reviewed with a mortgage professional.
Life has changed over the 5 years of the term and now is a great time to make changes to the way a mortgage is structured. My first focus is to review the current offer. I will also re acquaint myself with my clients current situation regarding employment, income even savings if a client wants to put a large payment to lower the mortgage.
Sometimes a family has grown and the house maybe feeling smaller but it's not the right time to make a change yet, this may mean a shorter term or finding a lender that allows portability if the client decides to move midterm. At the end of the day how can we minimize penalties moving forward if a family wants to upgrade their home.
There are many other factors in play at renewal time, at the end of the day this is not a great time to simply sign the renewal without a thorough review.