Renewing Your Mortgage With Martel Mortgages
Did you know that when your mortgage comes up for renewal, you can switch to another lender at no additional fees (on approved credit)? Most people aren’t aware of this little detail. The next time your mortgage provider sends you the renewal papers, keep in mind that you aren’t obligated to sign them immediately for a renewal. Why? Well, that’s because you have the option to scour the market for better mortgage terms and rates and then accordingly switch to a new lender if you desire to.
Over time, your mortgage goals may change along with your financial portrait and personal objectives. To help you achieve what you are after based on your means, Canadian mortgage terms are usually between one to five years, even though it may take twenty-five to thirty years to pay them off completely.
To determine if you want to carry on with the same contract or not, your mortgage renewal papers will be sent to you a few weeks before the actual renewal date. During this time, you can assess your financial standing and decide if you want to renew your mortgage with another lender under a new set of terms.
At Martel Mortgages, we act on your behalf by evaluating your current financial situation and shopping our multitude of financial institutions, banks, and credit unions, to provide you with the best mortgage for your needs at the best rates available.
To apply for a renewal, you need to own a home and have a mortgage coming up for renewal or maturity in the next six months. Usually, there is no cost borne by the client (on approved credit) as the lender pays for all the fees instead. However, some conditions do apply, so be sure to check your old mortgage agreement before renewing it with another lender.
Our brokers are honest while guiding you through your mortgage finance solutions. They help you understand the different options available to you and help you pick solutions that suit your needs today and in the future. All you need to do is share your requirements and let us take care of the rest.
In case you need to take equity out of your home, we can help you refinance your mortgage as well, provided you have enough equity. That way, you get you the money you need for your projects, whether it be paying off higher interest debt, consolidating, or investing.