You have completed your current Mortgage Term and it is time to Renew. Your Lender sends you a Renewal Contract and gives you options to pick to renew with them. Are you getting the Best Rates Available??
Are there any conditions on your Current Mortgage that may penalize you in the Next Term if your situation changes and you want to Upgrade or Sell? Have your Financial Goals changed since you Acquired your Current Mortgage? There are many things to consider before you sign that Renewal.
As Licensed Mortgage Associates we can assist you with all of these questions and more to ensure you are getting the Best Mortgage for you in the Future.
Dennis Ward / Lorraine Revet Mortgage Associates Mortgage Tailors
Your current Lender may not Offer you the best rates they have on your Renewal or even offer the Best Rates Available. There may be other Lenders with Better Rates Available at your Renewal Time. A Mortgage Associate has Access to Many Lenders and can place your Mortgage to Ensure you get the Best Rate Available that meets your needs.
If you are able to secure a Lower Interest Rate you will save money on your Mortgage Repayment in the Next Term. Also, you have the option of shortening the Amortization Term on your next term allowing you to pay off your Mortgage years earlier. Both of these will help you save money in Interest Repayment over the term of the Mortgage.
We will also try to find you a Lender with the Best Prepayment options where you can pay a Percentage of the Prinicpal every Year without Penalty, saving you Interest. Some Lenders also allow you to increase the Monthly Payment which again will save you Interest over the Term.
If you need to terminate your Current Mortgage Term there are two major ways Banks or Lenders calculate the Penalty that you will Pay. The first is a Three Month Interest Penalty.
The Second is a IRD ( Interest Rate Differential) Penalty Calculation. Many Lenders calculate this from their current Posted Interest rate and Not the Discounted Rate that you signed your current Term at. This Difference is used in a Calculation with the Remaining Term on your Mortgage to Calcualte your Penalty. They will then Charge the Larger of the two Types of Penalties. A Mortgage Professional can help find Lenders that do not use this type of Difference Calculation and it is based off of your actual Signed Rate and not the higher Posted Rate.
They can also give you options of Varialble Rates or Open Terms if your Situation going forward would benefit from that type of Mortgage.
When renewing and you know a possible Upgrade or Move is in your Future, having a Mortgage Professional make sure that your new Mortgage is Portable will help you save money in fees.
Portability means you can move your Mortgage to another Property, minimizing Penalties, and if needed, allowing you to Port the current Mortgage Amount and Add additional funds to the Mortgage amount if you are Upgrading to a more Expensive Property.
We have access to many Lenders and will shop around to get you not only the Best Rates for your Situation, but the Best Terms for Purchase such as Pre payment and Portability. We will also help you decide if Fixed and Variable Rates are best for you, as well as, Open or Closed Terms and what amortization Term best suits your Goals.
Mortgage Associates are paid by the Lenders. They are also paid on the Amount of the Mortgage and not the Interest Rate, so they will look out for your best interests. Our goal is always to provide the Best service Possible, as we rely on Referals and repeat Customers to grow our Business.
Simply stated, we are here to assist you through the Entire process and to help you get the Best Rates and Terms based on your situation. We will guide you through Pre Qualification right to the completion of your Renewal. We will help with all Documentation needed in Today's Lending Environment and assist you throughout the Application Process, to make it as quick and efficient as possible. Our goal is to ensure that your next Mortgage Term fits your needs and optimizes your Financial Situation.
Some Home Owners have considerable Equity in their Homes and may want to access some of it at Renewal Time to Invest or Pay off other Debts. We can supply you with options that will allow you to achieve your Financial Goals.
Getting the Best Renewal for you and your Situation is essential for your Financial Future.
Make sure you have a Professional looking out for your Best Interests.