When your mortgage renewal date is coming up, it’s a great idea to touch base with your mortgage broker. Here’s why consulting your broker can save you money, reduce stress, and help you make better choices.

1. Get Better Rates and Terms

Mortgage brokers have access to many lenders and can often find better rates than you might get on your own. Checking in with your broker can help you explore different options and potentially secure a deal with better interest rates and terms that fit your current situation.

2. Personalized Advice

Your financial situation may have changed since you first got your mortgage. Whether your income has changed, you’ve taken on new debts, or you have new financial goals, your broker can provide advice tailored to your needs.

3. Negotiation Power

Brokers are skilled negotiators. They can use their relationships with lenders to get you better terms, including lower interest rates, reduced fees, or more flexible repayment options. This expertise can help you get more value from your renewal.

4. Avoid Penalties and Fees

Renewing your mortgage without professional help can lead to missed details, like penalties for early repayment or hidden fees. Your broker will review your renewal offer to make sure you’re not surprised by any extra costs.

5. Explore New Mortgage Products

The mortgage market changes all the time, with new products and options regularly appearing. Your broker stays updated on these changes and can introduce you to innovative mortgage solutions you might not know about, like variable rate mortgages or hybrid products.

6. Simplify the Renewal Process

Renewing your mortgage can be complicated and time-consuming. Your broker can handle most of the paperwork and coordination with lenders, making the process smoother and less stressful for you.

7. Secure Pre-Approval

If you’re thinking about switching lenders, your broker can help you get pre-approval with a new lender. This puts you in a better bargaining position and ensures a smooth transition from your old mortgage to your new one.

8. Plan for the Future

Your mortgage is a big part of your financial picture. Consulting with your broker at renewal time is a chance to talk about your long-term financial goals and how your mortgage fits into that plan. Whether you want to pay off your mortgage early, invest in property, or manage other financial commitments, your broker can offer valuable advice and strategies.

By touching base with your mortgage broker, you gain access to expert advice, potentially better rates, and a mortgage plan that fits your needs. Don’t let your mortgage renewal slip by without leveraging the professional help your broker can provide. It’s a straightforward step that can lead to big financial benefits and give you peace of mind.

Want to learn more? Contact us at 780.792.0009 or [email protected]