Mortgage Renewal Benefits 2024

Mortgage Tips Nicole Perri 12 Jan

Is your mortgage coming up for renewal? There are some incredible options when renewing your mortgage.  We have all the details here on how to make your mortgage renewal work for you as we start 2024.

Get a Better Rate

When you receive notice that your mortgage is coming up for renewal, this is the best time to shop around for a more favourable interest rate. At renewal, it’s easy to switch lenders for a preferable interest rate as it doesn’t break your mortgage. With interest rates expected to come down as we move into 2024, reaching out to Nicole could save you money!

Consolidate Debt

Renewal time is a great opportunity to look at your existing debt and determine whether you want to consolidate it into your mortgage. This means consolidating your holiday credit card debt, car loan and more into your mortgage. Regardless of the type of debt, consolidating it into your mortgage creates one easy payment instead of juggling multiple loans. Plus, in most cases, the interest rate on your mortgage is less than you are charged by credit card companies.

Start on that Reno

Do you have projects around the house you’ve been dying to start? Renewal time is a chance for you to look at utilizing  your homes equity to help with home renovations.  You can finally have that dream kitchen and updated bathroom you been waiting for!

Change Your Mortgage Product

Are you not happy with your existing mortgage product? Perhaps you’re finding that your variable-rate or adjustable-rate mortgages are fluctuating too much and you want to lock in. Alternatively, maybe you want to switch to a variable as interest rates start to level out. You can also utilize your renewal time to take advantage of a different payment or amortization schedule to help pay off your mortgage faster!

Change Your Lender

Not happy with your current lender? Perhaps a different bank has a lower rate or a mortgage product with terms that better suit your needs. A mortgage renewal is a great time to switch to a different bank or credit union to ensure that you are getting the value you want out of your mortgage if you are finding that your needs are not currently being met.

Regardless of how you feel about your current mortgage and what changes you may want to make, if your mortgage is coming up for renewal or is ready for renewal, please don’t hesitate to reach out to Nicole Perri today! We’d be happy to discuss your situation and review any changes that would be beneficial for you to reach your goals; from shopping for new rates or utilizing that equity! Plus, we can help you find the best option for where you are at in your life now and help you to ensure future financial success.