It happens with every person who has ever had a mortgage: a mortgage renewal. Vaughn Leroux, a professional with a reputation of being one of the top Edmonton mortgage brokers, is quite familiar with the renewal process.
As someone who has been involved in the industry for years, Vaughn has helped hundreds of people renew their mortgage. Along the way, he has been asked and provided answers to many questions regarding the renewal process and how people can benefit the best from their new mortgage.
Here are 4 Tips for Your Mortgage Renewal:
- Hire a broker
By consulting a mortgage broker, you will instantly be in a better position to get a more favourable mortgage. Vaughn will do all of the shopping that is needed to obtain the best mortgage solutions that fit your unique situation. Not only will he find you the best mortgage rates, he will also do all of the negotiating and paperwork to save you valuable time. Edmonton mortgage brokers like Vaughn have relationships with a variety of lenders and are much more likely to find the best mortgage packages than you would on your own.
- Don’t go for the posted rate
This is something that your broker will do for you, but if you decide to try to renew your mortgage on your own then you should know not to agree to the advertised rate from a lender, like a bank. Rates are always negotiable and if you take a proposed rate to a different lender they may be able to sweeten the deal in order to get your business. Again, a mortgage broker would handle all of these duties.
- Begin the process early
The best time to begin planning and researching for a mortgage renewal is typically four-to-six months in advance of your current mortgage expiring. This gives you (and your broker) time to shop potential rates and see what the best offer is. This is crucial to do because six months is generally the longest period that lenders are able to promise a discounted rate with protection. Don’t wait until the last possible minute.
- Negotiate!
Similar to Tip #2, you can and should always negotiate. Whether it be the rate, term or anything else related to your mortgage, you should always be trying to get the best deal possible. This is where a broker like Vaughn can be of great benefit to you as he has the knowledge, experience and skills needed to negotiate with many lenders at once and walk away with the best package for you.
With these four tips, you are now better prepared for when it’s time to look at renewing your mortgage. Some people choose to stick with their old mortgage and agree to the same rate and terms that they had and this is one of the biggest mistakes they can make! Rates are always changing and the odds are that you can get a better deal by exploring other options than what your previous lender is offering.
If your mortgage is up for renewal soon, contact Vaughn Leroux today and work with one of the leading Edmonton mortgage brokers! You won’t be disappointed.