Due to this sudden COVID-19 pandemic, a lot has changed in the way we do things including renewing a mortgage. It is all about making smart decisions with our hard-earned money and looking for products and strategies that guarantee us the best possible option. Since rates are continuously fluctuating during these times, it’s always best to shop around before arriving at a conclusion. There are a variety of resources today that can help you compare different mortgage renewal products and choose the one that best suits your financial lifestyle.
DO YOU PLAN TO GO FOR AN EARLY RENEWAL?
The fact is that there are plenty of mortgage payment deferral plans being offered to Canadian homeowners by the government to help postpone their payments for a selected period of time. A regular mortgage renewal does not usually involve a lot of paperwork but in case you opt for early renewal to take advantage of low mortgage rates being offered by lenders then your current employment situation is re-verified. That’s why it is best not to switch or quit your job during this time, especially if you are indulging in a mortgage renewal process.
SEARCHING FOR THE RIGHT LENDER
Today, there are a variety of ways to find the best refinancing rates and one needs to shop around to get the best possible deal. Sometimes you may also need to call a few lenders who may not have listed themselves but offer a lower rate of interest. It may not always necessary that you find the best mortgage renewal rate online whether it is fixed or variable – the best way is outright in-depth research before arriving to any conclusion.
WHAT ARE YOUR BEST RENEWAL OPTIONS?
Ideally, any lender would permit you to renew your mortgage without any prepayment charges, anywhere between 2 to 4 months in advance. In such a situation borrowers have the option to compare through multiple lending rates and bargain on something that suits them best. The good part about continuing with the same lender is that you avoid all the hassles related to paperwork during the mortgage renewal process. Other than that, there is always a good scope of the bargain to ensure that you pay lower than what you have paid so far.
BE A CONFIDENT HOMEOWNER IN 2020
If your mortgage renewal is around the corner in the year 2020, then my best piece of advice would be to submit your renewal application at the earliest. Since fixed rates are climbing at the moment, you would be able to make benefits from the rate cuts being proposed by the Canadian government that further guarantees lower fixed term rates.
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