Mortgage Renewal Brampton
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Annual percentage rates (APRs)
Who should you contact for Mortgage Renewals in Brampton?
Without a doubt, Mortgage Power should always be your first choice. Our in-house staff helps domestic clients across Brampton with their mortgage renewal process. You can contact us to get in touch with a new broker if you’re not happy with your existing contract’s terms and conditions. We have a huge network of trusted money lenders who can offer your better interest rates and clauses. All you have to do is get in touch with our team, go ahead, schedule an appointment today. We look forward to hearing from you.
What does it mean by mortgage renewal?
The term itself is self-explanatory. When you take up your mortgage, you sign a contract to repay the loan within a certain period. However, according to studies, 36.3% of Canadians are not able to repay their mortgages within that time; so what’s the solution? Mortgage renewal. What happens here is, around 120 days before your actual mortgage term is over, you will get an email from your mortgage lender whether you want to renew your mortgage, and this is the time to have a second look at your contract’s terms and conditions. If you want to make some changes, you can let them know and we can help you with that. For further details, contact our team at Mortgage Power. Our services are available to customers throughout Brampton.
The reason why you should work with a broker when its time to renew
You should know that mortgage brokers have access to a wide range of financial products from various lenders. And sometimes, access to some special products that banks and financial institutions are not. They can check with your present lender if they are willing to give you a better deal before you sign on the dotted line.
Brokers can also advise you on what type of plan would be ideal for you. Whether you should extend the term on your mortgage, or increase the monthly payment if you can repay within a short period.
Hire our experienced mortgage brokers and take advantage of their financial expertise. We can help you get a better contract with even better interest rates. Our services are available to customers all around Brampton. Don’t hesitate, call us today!
Pros of mortgage renewal
It protects both you and your lender. For lenders, it prevents them from agreeing to a fixed interest rate for several years. As for you, you get the opportunity to change the terms of the mortgage contract.
Renewals allow you to revisit your monthly mortgage payment options. You can assess your financial situation and either reduce or increase your payments
You also get the opportunity to get the best interest rates possible depending on your mortgage balance
You can better manage your monthly expenses
You can always get in touch with our team at Mortgage Power for more details on mortgage renewals in brampton. If you have any queries, we can resolve them for you. Go ahead, schedule an appointment now, you won’t regret it.
Is it a good idea to renew your mortgage early?
If you are afraid that the interest rates will increase you can renew early.
How much time does it take?
It generally takes around 3 weeks for all the mortgage renewal paperwork to complete.
Do credit scores play a role in mortgage renewal?
Yes, your credit score will be reviewed again and it will play in determining the interest rate.