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Renewing Your Alberta Mortgage

Mortgage terms generally last 5 years, with amortization periods lasting 25. You should not wait until the last day of your mortgage term before you renew your mortgage. The best thing you can do is to start looking around for a mortgage renewal Calgary, Lethbridge package about 4 to 6 months before your mortgage is up for renewal. The reason for this is that you may actually be able to lock in at a much lower mortgage rate with better terms and conditions from another lender than the one you were previously with.

Get a Mortgage Broker to Help Renew Your Mortgage

Just because you initially locked in with a particular bank does not mean that you have to renew your mortgage with the same bank. Unfortunately, many homeowners don’t think twice about getting a mortgage renewal outside their original bank, which can end up costing them thousands of dollars in the long run. Whatever offer your bank offers you upon your renewal may not necessarily be the best offer you can get for your mortgage.  Signing that automatic renewal card could cost you thousands!

Your best bet is to get an independent mortgage broker to work on your behalf to locate the best mortgage rate and package possible for your situation. Rather than settling for what your bank can get you, your mortgage broker can shop around to see if there are any better offers out there, and negotiate on your behalf.  After all, you probably shopped around for your original mortgage.  It makes sense to do the same for your renewal.

Often, homeowners are given renewal notices close to the mortgage’s expiration date. This does not give homeowners much time to look around for a better rate. Waiting until the last minute to renew your mortgage may force you to sign on to a mortgage with a higher rate than necessary. As a homeowner, you need to be aware of when your mortgage is up for renewal so you can give yourself enough time to shop around. Doing so can save you a lot of money in interest.

To help potentially save you thousands of dollars over the life of your mortgage, get in touch with an independent mortgage broker like Jim Black and his award winning team at Mortgage Loans Alberta to help you renew your mortgage at a lower rate than what your bank is willing to offer.  As part of Dominion Lending Centres, they have access to banks, trust companies, credit unions and other lenders across Canada.  It doesn’t cost anything to get a quote – you only fill out one application and they do the rest.  So call today (877) 394-9422 and save money on your mortgage renewal in Alberta.  Jim and his team serve Lethbridge, Calgary, Red Deer, Medicine Hat, Binbrook and other areas of Southern Alberta.