What Opportunities Do Edmonton Homeowners Have When Their Mortgage is Up for Renewal?

If you are up for mortgage renewal in Edmonton, you may have more opportunities than you realize. When mortgage renewal time comes up, most homeowners don’t bat an eyelash. They say yes, and often pay more than they should. Banks hope homeowners are lazy and will accept the first renewal offer they receive.

Accepting the offer that your current lender gives you for your mortgage renewal in Edmonton without doing more research is not a wise choice. Speaking with an experienced mortgage broker can help you figure out what the best option will be. Depending on the circumstance of your original mortgage, a new bank will cover the costs of transferring the mortgage to them.

What are You Options When It Comes to Mortgage Renewal in Edmonton?

To start, if you have good credit, you have the option to renegotiate better terms with your current mortgage lender. You can go into the bank looking to get a lower rate than what they initially offered you.

Once your current lender has given you their final offer, call a mortgage broker and let them shop around for you. Your first offer for mortgage renewal in Edmonton does not have to be the one you accept. You might be surprised what an experienced mortgage broker can find for you.

Mortgage renewal time is also an opportunity to restructure your finances, maybe the timing is right to take out more money to invest for retirement, or extend the amortization to lower your payments.

You Have Choices – Take Advantage of Better Terms

When it comes to mortgage renewal in Edmonton, you have choices. Don’t just be OK with your bank’s first offer. At renewal time, you should talk to a mortgage broker to make sure you’ve considered all options available to you.

Jamie Arthurs Mortgages can help you with your mortgage renewal in Edmonton. Contact me for more information.

When buying a home in Edmonton, getting a first time home buyer mortgage can be quite a feat. With these tips, the home buying process will be clearer and you will improve your chances of securing a mortgage to buy your first home.  Contact me to learn more.

1. Check Your Credit Score

Your credit score is a core factor in securing a mortgage. First, check if your credit report has any errors. If you find any inaccuracies, contact the credit bureaus and rectify the errors quickly.

To enhance your credit score, take time to review your debt-to-income ratio. Remember that while borrowing is vital in building your credit score, it can also harm your creditworthiness. Is your debt-to-income ratio too high? If yes, it is time to consider paying off some debts. As you approach your borrowing timeline, ensure that you make timely bill payments. Your payment habits also reflect in your credit report and may either improve or tarnish your image.

2. Do Some Market Research

Look for the homes within the local market and figure out which types of homes you can afford. Remember that you will need at least 5% downpayment to qualify for a first time home buyer mortgage.

• Do you have the entire amount, or do you need more time to save?

• What are your likely monthly costs and payments?

1. Find a Mortgage Broker

When hunting for a first time home buyer mortgage, working with a mortgage broker is a good idea. The mortgage broker acts as an intermediary between you and a variety of lenders to find you the best possible mortgage. After assessing your financial situation, the mortgage broker will determine a suitable loan amount, and contact different lenders to find you the best rate.

Applying for a mortgage can be a complicated process. With a mortgage broker, you get a partner that will do a lot of the legwork for obtaining your mortgage as well as help guide you through the home buying process completely free of charge.

3. Choose Your Terms

Your mortgage broker will walk you through many options for amortization, interest rates, and other terms.

When applying for a first time home buyer mortgage, you may want to ask about pre-payment penalties. Some lenders penalize borrowers for paying off their mortgage early. Understandably, if your cash flow increases over the years, you may want to double up on payments and clear your debts early. Just make sure that no one is punishing you for it!

Don’t be afraid to ask questions. A broker will help to guide you to the correct first time home buyer mortgage product for your financial situation.

Get Started

When you decide to purchase your first home in Edmonton, consulting a pro can cut back on unnecessary stress and help you save cash in the long run. Dominion Lending Centres Mortgage Mentors is a group of experienced mortgage brokers that specialize in first time home buyer loans. Contact me today to get pre-approved for your first time home buyer mortgage!