Hassle-free mortgage renewals for clients in Whitby
Helping you understand the process
Quick processing
Negotiating terms and conditions
Resolving all your queries
Thinking of mortgage renewal?
Well, you have come to the right place. With the help of our team at Mortgage Power, you can easily renew your mortgage with terms and conditions. You will have the support of professional mortgage brokers who know the real estate market in and out and if you’re confused about what type of plan should be ideal for you, we can help. Our services are available to clients across Whitby. Schedule an appointment today, we look forward to hearing from you.
Stop and think before you sign those dotted lines
Generally what happens is, if your mortgage term is about to come to a close, your broker you email you the renewal form well before time. This can be anywhere between 3-4 months in advance. You would get a mail in your inbox with probably the subject line being ‘Mortgage Renewal whitby’ and if you are happy with your existing contract, you can digitally sign and send it back without having a second look. However, we advise you not to do that. Renewing your old mortgage contract would mean, you will be paying the same monthly amount at the same interest rate for an extended-term. That’s why, before signing the contract, why not think about your present financial condition. What we mean is, if you can close your mortgage early by paying a bit extra, wouldn’t you like it?
Things to consider when you’re renewing your mortgage
When you’re planning to renew your mortgage, it’s always better if you revisit the terms and conditions of your present contract first. This is advisable to have a look again at what you’re paying right now and if you’re not happy with it, you can always negotiate and we will help you with that. Here’s a list of items that you should consider before renewing your contract.
Choose between a variable or fixed interest rate:
You should know that if you’re choosing a fixed interest rate, you will be stuck with it till the end of the term and if the interest rate comes down with a variable option, you won’t get the benefits.
Decide between term open or close to prepayment:
If you want flexibility with prepayments without any charges then you should think if you should opt for an open or a closed mortgage.
Changes to your monthly payments:
You can either increase your payments to shorten the term of your mortgage or decrease payments to increase the term but better manage your monthly expenses.
Have better clarity on your financial goals:
Think of the future, what are your financial goals? Do you want to take a new loan or look into some other policies? Consider these matters before you sign the renewal form.
If you have any queries, don’t be hesitant to contact our team at Mortgage Power, we will be more than happy to resolve them. Our mortgage services are available to customers across Whitby.
Should I wait till the last minute?
Generally, we would understand that you wouldn’t want to renew your mortgage. If you do, it would only mean that you would have to bear extra payments every month again for some time. So, you would want to clear your mortgage. However, if you really can’t repay your entire mortgage and eventually would have to renew it, it’s advisable to renew it early. If you don’t renew the contract before the maturity date, it may be automatically renewed into a one-year open term which would have higher interest rates; you will end up paying more. So, it is in your best interest if you renew the contract early, and if you need advice, your team at Mortgage Power is here for you. Schedule a consultation today!
For further details on mortgage renewal, book an appointment at Mortgage Power in Whitby!