Six reasons to work with an expert on your mortgage renewal

Given the large financial commitment of a mortgage, it's surprising that so many homeowners go on auto-pilot when it's time renew. Of course, your lender wants your repeat business and their renewal letter (typically sent between three and six months before your mortgage matures) will make it very easy and convenient for you to oblige – just sign the letter and your mortgage renewal is done. In fact, some borrowers may not even realize they don't have to accept their lender's offer. They can and should explore other options available in the marketplace, especially now since the stress test is no longer a factor if you want to switch lenders at renewal. So when you get your lender's renewal letter, ask yourself one simple question: "Can I do better?" The answer in most cases is a resounding "YES".

Here's why getting a mortgage expert working for you as early as nine months prior to renewal is a great way to ensure you get the best deal:

1. Recently announced changes have eliminated the stress test for borrowers who want to switch lenders at renewal, which means you have choice! Since I have access to over 50 lenders, and thousands of product options, I can shop around to make sure you are being offered the best deal possible.
2. A good credit score is important when you're looking to switch lenders – and your current lender may also take your score into consideration at renewal. You have more control over your credit score than you think, and you may want to discuss credit improvement strategies. I can help.
3. If you have enough equity in your home, you may be able to move high-interest debt to your lower-rate mortgage to improve cash flow and save on interest. Renewal is the perfect time to do this. I can run the numbers to see if this strategy makes sense for you.
4. Taking on new debt or leaving your current employment prior to renewal can affect your ability to move your mortgage to another lender. We can discuss the potential impact of changes to your personal situation.
5. If your mortgage is uninsured, I can help determine if you can switch to a lower-rate insurable mortgage that offers long-term savings.
6. If you need to free up cash flow for specific needs or life situations, a 30-year amortization might be an option for you to consider (20% or more in equity required).

Remember, I work for you. With access to dozens of lenders and hundreds of mortgage options, my goal is to help you make informed decisions so you always get the best package of rate and features that best fits your needs.