• WHAT IS THE MORTGAGE RENEWAL PROCESS?

    Author: Boychuk Mortgage Group |

    The mortgage renewal process involves renegotiating the terms of your existing mortgage loan with your current lender or exploring options with alternative lenders. When your current mortgage term nears its end, typically from one to five years, you can review and update your mortgage terms. This process allows you to assess your current financial situation, evaluate market conditions, and make decisions that align with your long-term goals. Whether you stay with your current lender or switch to a new one, the mortgage renewal process offers flexibility and the chance to secure favourable terms that meet your needs.

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  • When should I start considering mortgage renewal?

    Author: Boychuk Mortgage Group |

    It is advisable to start reviewing your mortgage renewal options approximately six months before your current mortgage term expires. This allows ample time to explore different mortgage products, compare rates, and secure favourable terms.

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  • Can I negotiate my mortgage renewal terms?

    Author: Boychuk Mortgage Group |

    Yes, you can negotiate mortgage renewal terms with your lender. It's essential to shop around, compare offers, and leverage competitive rates to secure favourable terms that align with your financial objectives.

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  • What are the costs associated with mortgage renewals?

    Author: Boychuk Mortgage Group |

    Costs may include appraisal fees, legal fees, and potential penalties if switching lenders. Our team will outline all associated costs transparently, ensuring you clearly understand expenses involved in your mortgage renewal.

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  • How does refinancing differ from mortgage renewal?

    Author: Boychuk Mortgage Group |

    Refinancing involves replacing your existing mortgage with a new one, often to take advantage of lower interest rates or access home equity. Mortgage renewal, on the other hand, involves renegotiating terms with your current lender without changing the mortgage amount significantly.

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  • How can I prepare for my mortgage renewal meeting?

    Author: Boychuk Mortgage Group |

    Prepare for your mortgage renewal meeting by reviewing your current financial situation, gathering necessary documents, and researching current mortgage rates. Being informed and organised will help you negotiate favourable terms with your lender.

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  • Mortgage Renewals - Strategies To Renewing Your Mortgage In Today's Higher Interest Rate Market!

    Author: Boychuk Mortgage Group | | Categories: Mortgage , Mortgage Broker , Mortgage Loans

    Mortgage Renewals new

    Mortgage renewals can be both an opportunity and a challenge, especially in today's market with higher interest rates. If you're facing a mortgage renewal, you're in the right place. In this blog, we will guide you through effective strategies to navigate the renewal process, ensuring you make the most of it while managing increased interest rates.

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  • CAN I SWITCH LENDERS DURING A MORTGAGE RENEWAL?

    Author: Boychuk Mortgage Group |

    Yes, you can switch lenders during a mortgage renewal to secure more favourable terms or take advantage of competitive offers in the market. Switching lenders during a renewal allows you to explore alternative options that may better suit your needs, such as lower interest rates, improved mortgage features, or enhanced customer service. Before deciding to switch lenders, it's essential to conduct thorough research, compare offers from different lenders, and consider the potential costs and benefits of the transition. Switching lenders during renewal can allow you to optimise your mortgage terms and achieve more significant financial savings and flexibility.

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  • WHAT FACTORS SHOULD I CONSIDER WHEN RENEWING

    Author: Boychuk Mortgage Group |

    When renewing your mortgage, key factors include interest rates, term length, mortgage features, prepayment options, and lender reputation. Interest rates play a significant role in determining your mortgage costs, so evaluating current market rates and projections is essential to make an informed decision. Additionally, consider the term length that best aligns with your financial goals and preferences and any desired mortgage features, such as portability or flexibility in payment frequency. Prepayment options allow you to pay off your mortgage faster and save on interest costs, while lender reputation ensures you receive quality service and support throughout your mortgage term. By…

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  • HOW CAN I IMPROVE MY MORTGAGE RENEWAL NEGOTIATION POSITION?

    Author: Boychuk Mortgage Group |

    To enhance your negotiation position during mortgage renewal, consider factors such as your credit score, financial stability, debt-to-income ratio, and market research. A strong credit score demonstrates your creditworthiness and may qualify you for better interest rates and terms. Economic stability, including a steady income and manageable debt levels, reassures lenders of your ability to repay the loan. Additionally, conducting market research and gathering competing offers from different lenders provides negotiation leverage and allows you to negotiate more effectively. Presenting yourself as a well-informed and financially responsible borrower can improve your negotiation position and secure more favourable terms during your…

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