Understanding Mortgage Renewal

We are always there for our clients throughout the life of their mortgage. When the time comes to renew one of our clients’ mortgages, we are sure to be an ear to learn about things that may have changed during the previous mortgage term. Thanks to InTouch Mortgage Services’ extensive network of lenders, we are able to properly negotiate the best possible solution for each client’s individual needs.  Are you looking to renew your mortgage in Vaughan, Toronto or the surrounding GTA? If so, keep reading! Or, if you like what you’ve seen already, CONTACT US NOW! Need a little more convincing? See below for all you need to know about renewing your mortgage.

Do You Understand Your Upcoming Mortgage Renewal?

When you initially obtain a mortgage, your contract comes with a fixed term, commonly known as the mortgage term. Regardless of whether your rate is fixed or variable, the term you receive those rates will remain fixed. Depending on your needs, your mortgage term will range primarily from 6 months to 10 years, with amortization periods that start at 25 years.  At the end of each term, you are required to renew your mortgage. For many people, that means potentially renewing several times before paying off the mortgage loan completely. While that may seem counter productive if a mortgage amortizes over a longer period, mortgage renewal provides you with the flexibility to customize your contract based on your evolving needs. You can modify the term length, switch from a fixed rate to a variable rate, adjust payment frequency, and more. This is the ideal time to explore your options and determine whether your loan terms are still suitable for your financial goals.

Are Your Needs Being Met?

Before proceeding with a mortgage renewal, it is crucial to take the time to reassess your financial needs and long-term plans. Since your last negotiation with your financial institution, several factors may have changed. Some of those factors include:

• Growing Family

• Change in Job/Career

• New Financial Goals & Aspirations

• Windfall from inheritance or other factors

Even small changes to your mortgage contract can have a significant impact on your overall financial well-being. For instance, reducing the amount of your monthly payments could alleviate financial strain. Conversely, increasing payment frequency can potentially save you a substantial amount in interest payments over the long run. Don't hesitate to negotiate the terms of your renewal with your financial institution or mortgage broker, as automatic renewal without intervention might not be in your best interest when looking to renew your Vaughan or Toronto Mortgage.

The key to maximizing the benefits of mortgage renewal lies in proactive planning. At InTouch Mortgage Solutions, we help you with your planning in the months leading up to your mortgage renewal.  Start contemplating the renewal process a few weeks before your current term ends. In fact, some financial institutions even permit mortgage renewal up to six months before the end of your contract. Our dedicated and knowledgeable mortgage brokers can help you save thousands over the term of your mortgage by helping you assess your current situation and working with the current financial climate to sure you get the best mortgage rates and term for your family’s lifestyle. The intervention of a renowned mortgage specialist in the GTA guarantees that you have access to the most competitive rates at the time of your renewal.

PLEASE READ: It's important to note that if you decide to renew your mortgage BEFORE the period allowed by your financial institution, penalty charges may apply. Therefore, you should carefully evaluate whether an early renewal is financially beneficial, taking into account the potential savings versus the penalty costs. Generally, the longer the remaining term of your mortgage, the higher the penalty costs may be.

How InTouch is Your Mortgage Broker?

An InTouch Mortgage Solutions mortgage professional serves as your best ally at the beginning, middle and end of your mortgage journey. Our skilled GTA mortgage brokers will analyze your financial situation, present you with various options, and negotiate with different financial institutions on your behalf. Thanks in part to access to one of the LARGEST lender networks in the GTA, we are able to secure the best mortgage rates and terms that align with your current financial situation.

By reassessing your needs, planning ahead, and considering a mortgage transfer, you can ensure that your mortgage continues to support your evolving goals. With the expertise of the team at InTouch Mortgage Solutions, you gain access to a wide range of options and increase your chances of securing the most favorable mortgage renewal terms available. Start exploring your mortgage renewal options today and take control of your financial future.