When it comes time to renew your mortgage term, you have 4 options.
- Pay your mortgage off in full with no penalty
- Stay with your current lender and sign up for another term
- Switch for free to a different lender with no penalty
- Refinance your current mortgage with no penalty to take out equity, increase your amortization or remove an applicant.
Once your mortgage term is near complete your lender will usually send you a renewal letter in the mail. If you are within 120 of your renewal, be sure to reach out to your current mortgage lender to find out what your new mortgage term offerings are, and then get a 2nd opinion with us. The sooner the better to get the best market rates.
Don’t let your mortgage renew on its own without letting us show you all your options.
With Mortgage Sisters West, we leverage our market knowledge and negotiating power to ensure your mortgage rate and terms suit your current and future needs.