Once you receive your mortgage renewal statement there is nothing easier to do than just sign the renewal. However you need to explore all your options and look for opportunities that could better meet your needs now. This may mean changing your current mortgage holder.
If you’ve been financially strained each month this could be the time to reduce payments to more easily managed level. On the other hand if you are earning more why not consider increasing your payments and save on interest to become mortgage free faster.
Your priorities and cash flow may have shifted since you bought your home. Things like paying for a child’s education, a career change, and major renovations on your home or purchasing a vacation home. You may be able to refinance your property to access the equity to make these things financially feasible. If you are thinking of selling you need to consider the term you choose to ensure you’re not penalized if you sell prior to renewal date.
The biggest item people consider upon renewal is the interest rate. Should I do fixed vs variable? This is based on your personal situation and should be tailored around your needs. Being in a competitive mortgage environment with your good credit history will make your renewal work to your advantage.
I analyze mortgage markets daily to ensure you don’t miss any money-saving opportunities. Call me today to discuss your mortgage renewal to ensure it suits your needs!
If you have ANY mortgage or credit questions ANY time, please feel free to contact me at [email protected] or 709-764-4959.