Renewing your mortgage
Before you renew, let’s take a look together.
I’ll compare your renewal offer with what else is out there, and explain what I find in plain language.
How renewal works
What happens when your term ends
Your mortgage has a term: how long your current rate and agreement last with your lender. It’s usually shorter than your amortization, which is the total time it takes to pay off the whole mortgage. When your term ends, your mortgage comes up for renewal.
Your lender will usually send you a renewal letter with the rate they’re offering for your next term.
Signing it can feel like the simplest thing to do. But your lender’s offer only shows you what that lender has, not what else is available to you. There may be better options out there, and I’ll help you find the one that fits.
Your renewal offer
I’m happy to look at your renewal letter, whenever it arrives.
I’ll look at the rate you’ve been offered next to what’s currently available, and go through each option with you, so you can decide what’s right for you.
If another lender fits you better, I’ll explain what moving involves and guide you from there.
I help homeowners across PEI and Nova Scotia with their renewals.
Getting started
What to have handy
If you have these handy, they help me get started.
When your renewal is.
The date your current term ends. You’ll often find it on your renewal letter or your mortgage statement.
Your renewal rates, if you’ve received them.
The rate and term your lender is offering you, usually in your renewal letter.
Who you’re with.
The name of the lender that holds your mortgage now.
If you don’t have all three yet, that’s okay. You’re welcome to share what you have, and I’ll help you find the rest.
It’s the 2nd time I have used Soubhi. The mortgage process can be stressful, but Soubhi is very calm and puts everything and everyone at ease.
Questions
Things people ask about renewing
Does it cost anything to work with me?
My services are free of charge. The only time there’s a fee is with alternative or private lending, and I’ll always talk that through with you first.
Can I move my mortgage to a different lender?
When your term ends, you can look at other lenders. Whether it makes sense depends on your situation, and moving can come with some costs of its own. I’ll walk you through all of it before you decide.
What if my payment goes up?
That’s a worry I understand. Let’s talk about it. I’ll look at your options with you and explain each one in plain language, so you have a plan.
Whenever you’re ready.
Start your application, or ask me a question about your renewal first. Either way, you’ll be working with me from the very first message.
Or call or text me at 902-213-8844.