Why It’s Essential To Revisit Your Mortgage Broker At Renewal Time

When renewing your mortgage, it can be tempting to stick with your current lender without considering other options. However, this could prove costly, as your mortgage broker has access to many mortgage options and can help you find the best deal for your needs.

Therefore, it’s essential to revisit your mortgage broker at renewal time. Read on to learn more!

Save Money

One of the most significant benefits of returning to your mortgage broker is that they can help you save money. Over time, interest rates can change, and new mortgage products may become available that offer better terms than your current mortgage and even what your current lender is offering you. The lender’s job at renewal is to maximize their return; therefore, their initial renewal offer is most often not the best option nor lowest rate available.

Strategize Your Investments

By visiting your mortgage broker six to eight months before your mortgage maturity, you can start the process of saving money on your next mortgage term, strategize investment opportunities, and review your future goals. Your mortgage broker can also help you consolidate high-interest debt, saving you money in the long run.

Obtain Professional Guidance

Another reason to visit your mortgage broker at renewal time is to receive professional advice. Your mortgage broker understands the mortgage industry in-depth, from lender to lender and product to product, so they can help you navigate all available options.

Receive Independent advice

When you go directly to a bank, you are limited to only what that lender can offer. On the other hand, your mortgage broker is independent and works for you, not the banks. Therefore, they will provide unbiased advice and help you compare all mortgage products in the market.

Mutual Trust

Finally, since you’ve already worked with your mortgage broker in the past, you would have developed rapport and trust, which is essential when dealing with mortgage renewals.

Get in touch with us today!

If you need assistance with a mortgage renewal, contact the Boychuk Mortgage Group. As an experienced Mortgage Broker in Burnaby, British Columbia, I can help you with all your mortgage needs. I offer free, no-obligation advice and strive to create a stress-free lending experience, which includes providing a lowest rate policy guarantee. Please click here to view my services.

To schedule a meeting, please call (778) 808-9944 or email riley@boychukmortgages.ca.