A standard mortgage term is 5 years yet it takes most people 20-30 years to pay off their mortgage. This means you will have to renew your mortgage every time you reach the end of a term. Here are some things to consider when your mortgage maturity date is approaching:
Your current bank/lender will typically get in touch with you 4-6 months prior to your maturity date. They will offer you various terms/rates for you to choose from for your renewal.
It is very important that you do not take the first option you are offered. Often times, your bank/lender will not offer you the best rate up front.
You will want to be in touch with Mitch during the months leading up to your maturity date. Mitch will search all of the banks and lenders to look for the best possible option for your mortgage renewal.
If Mitch can find a better option than what your current bank/lender is offering, you can transfer your mortgage to the new lender at no cost to you.
As mentioned above, the most important thing to remember when your mortgage is up for renewal: Do not sign your current lender's mortgage renewal offer until you have spoken to Mitch. It is important to make sure you have explored all of your options before committing to your new term.
Verico The Mortgage Professionals - Serving Kingston Since 1989