When your mortgage is up for renewal, do you know what you are going to do? You will receive a slip in the mail from your bank saying that to renew all you have to do is sign the form and mail it back in. Pretty easy, right? Banks are hoping that you will be too busy and too lazy to look into all of your options before sending that little slip of paper back in to them.

What Happens When I Send my Mortgage Renewal Back to the Bank As Is?

If you sign the paper and send it back to the bank, you are telling them that you are ready to stay with them on the new term that they have offered you. Often, this means that you are not getting the best rate that is available in the market. Your bank will change nothing except your interest rate, and there may be other terms that you may want to renegotiate.

What are my Other Options for Mortgage Renewal?

If you don’t want to take any money out or access your equity then a new bank will take over the mortgage, giving you a better rate and also covering the costs to put their name on your property title.

You also have the option of accessing some equity by refinancing. Seeking out the help of a mortgage broker at mortgage renewal time will ensure you are getting the best advice. Mortgage brokers have access to many different lending programs. They are also very knowledgeable in the industry.

How to Prepare for Mortgage Renewal in Edmonton

Your bank may or may not contact you in advance. It is important that you are proactive, by beginning to research your options approximately 4 months before your mortgage renewal date. Use this time to explore your options and if you can save money by going a different route. Again, finding the extra time to go to many banks is hard therefore go with a mortgage broker so they can do that work for you.

Jamie Arthurs Mortgages can help you find the best options for your upcoming mortgage renewal. Contact Jamie Arthurs today.