Mortgage Renewal Tips: The Benefits of Consulting a Mortgage Broker Before Renewal

Why Contacting a Mortgage Broker Before Renewing Your Loan Can Save You Money and Stress 💰😌

Mortgage Renewal Tips: There are many reasons why you should contact a mortgage broker before your renewal:

1. Lower Payments: Many homeowners face higher payments when their mortgage comes up for renewal due to rising interest rates compared to their original mortgage. Additionally, paying into your mortgage over the years shortens the amortization period. The combination of a shorter amortization period and higher rates results in increased monthly payments. Unfortunately, your existing lender may not offer the option to extend the amortization period. However, mortgage brokers can transfer your mortgage and extend the amortization period, potentially reducing your monthly payment. Moreover, you may qualify for a better rate than what your current lender offers. 📉🏡

2. Debt Consolidation: Before renewing your mortgage, it's essential to have a mortgage broker evaluate your financial situation. Over time, you may have accumulated high-interest credit card debts or lines of credit, as well as substantial payments on vehicle or personal loans. Refinancing your home and consolidating these debts can significantly reduce your monthly payments, making them more manageable. Additionally, with my effective strategies, I can demonstrate how to pay off your mortgage faster by applying the money you save each month to your new mortgage’s pre-payment privileges. 💳🚗🏠

3. Better Rates: In the past, some homeowners have struggled to shop around for a mortgage due to strict qualifying criteria, often forcing them to stay with their current bank. However, recent mortgage policies have leveled the playing field. You no longer have to qualify at the stress test rate but can now qualify at the approved rate on your mortgage. These changes empower clients to shop for the best rates, reducing the leverage current lenders have to offer higher rates. 🌟🏦

4. Product Changes: Renewing your mortgage presents an ideal opportunity to make adjustments. You might want to incorporate a home equity line of credit into your mortgage, or perhaps you're considering adding a line of credit to leverage your home equity for future needs such as investing, home renovations, debt consolidation, and more. Additionally, you might want to make other changes, such as adding a spouse or partner to your mortgage or removing a co-signer. 🔄🏠

   
   

🔔 Don't wait until your renewal date approaches! 🔔

Reach out to Shawn Mooney at Bayfield Mortgage Professionals Ltd. today and discover how you can save money 💰 and reduce stress 😌. Let's work together to tailor your mortgage to your unique needs and maximize your financial potential.

📞 Contact me now at 403-828-1838 to schedule a consultation and explore your mortgage options. 🏡💼