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Is your mortgage coming up for renewal in the next 3-6 months? If the answer to this question is “yes,” then this may be a great opportunity for you to speak to a mortgage expert to explore other options that may be available to you.
At The Mortgage Doctors Oshawa, we understand that a lot can change over the term of your mortgage—your financial situation, market conditions, and even your personal life goals. That’s why we’re dedicated to helping you navigate the renewal process, ensuring you have the information and support needed to make decisions that align with your evolving needs.
Let us guide you through securing the most advantageous terms for your next mortgage period, making your continued journey towards homeownership as rewarding and beneficial as possible.
When it’s time to renew your mortgage, choosing Mi Mortgage Oshawa means accessing a partner who is as invested in your financial health as you are. Our clients enjoy:
We don’t just renew your mortgage; we strategize with you to adjust your mortgage plan according to your current financial goals, whether that’s lowering your payments, paying off your mortgage faster, or tapping into home equity.
With access to a wide range of lenders, we ensure you’re getting the best possible rate and terms that the market has to offer, tailored to your specific situation.
We simplify the renewal process, making it straightforward and stress-free. Our team handles the details, from negotiating with lenders to managing paperwork, allowing you to focus on what’s next in your life.
Our mortgage professionals are here to provide expert advice, helping you understand your options and the implications of each decision. We’re committed to ensuring you make an informed choice at renewal time.
Navigating a mortgage renewal is your chance to adjust your mortgage to better suit your current financial needs and market conditions. Our guide outlines key steps to review your financial goals, explore and compare options, and secure the best terms for your renewal. Simplify your journey to a successful mortgage renewal with our streamlined approach, designed for optimal outcomes and financial improvement.
Start by assessing your current financial situation and goals. Have your circumstances changed since you first secured your mortgage? Let’s identify what you want from your renewal.
Approximately 3-6 months before your renewal date, begin exploring the market. We can help compare rates, terms, and conditions offered by various lenders.
Armed with market knowledge, we’ll negotiate on your behalf with your current lender to secure terms that better meet your needs today.
If better options are available elsewhere, we’ll guide you through the process of switching lenders, ensuring a smooth transition.
Once you’re happy with the new terms, it’s time to finalize your renewal. We’ll help you understand the paperwork and ensure everything is in order for a seamless continuation of your mortgage.
Dive into our FAQs on Mortgage Renewal to find clear, concise answers to your most pressing questions. Whether you’re curious about the best time to start the renewal process, how to negotiate better terms, or the possibility of switching lenders, this section is designed to demystify the renewal process and empower you with the knowledge needed for a seamless transition.
Start exploring your options 4-6 months before your current mortgage term ends to allow ample time for research and decision-making.
Yes, you can (and should) negotiate your renewal terms. Don’t hesitate to discuss rates, terms, and conditions with your lender or consider consulting with a mortgage broker for better deals.
Typically, you’ll need recent pay stubs, tax returns, and current mortgage statements. Requirements may vary based on your lender and if you decide to switch lenders.
Switching lenders at renewal time usually doesn’t incur penalties as you’re not breaking your term. However, there may be administrative fees or appraisal costs involved in the switch.
Yes, mortgage renewal is an excellent time to switch between variable and fixed-rate mortgages based on your risk tolerance and financial goals.
If you choose to stay with your current lender under similar conditions, a credit check might not be necessary. However, switching lenders or negotiating new terms typically requires a credit assessment.
Yes, if you have enough equity in your home, renewing your mortgage can be an opportunity to consolidate high-interest debts into your mortgage, potentially lowering your overall interest payments.
Shop around and compare offers from different lenders. Use a mortgage broker to leverage their network and expertise for access to exclusive rates.
If you don’t take any action, your mortgage may automatically renew for another term at your lender’s posted rates, which may not be the most favorable. It’s crucial to actively engage in the renewal process.
While there’s typically no cost for renewing with the same lender, switching lenders may involve legal, appraisal, and administrative fees. Always clarify potential costs before making a decision.
Our experienced team of mortgage brokers can determine your maximum mortgage amount, what your payments are likely to be and options that are available to you. Our goal is to find out our client’s mortgage needs and long term financial goals and provide solutions to meet those needs. Call us at (905) 404-8001 or (866) 452-1100 (toll free) for more information.
Oshawa, Ontario L1G 5N3
(905) 404-8001
(866) 452-1100
info@themds.ca
The Mortgage Doctors is Durham Region’s Mortgage Superstore. Our Mortgage Brokers use their expertises to advise and obtain approvals on mortgage financing that fits your mortgage needs.
Monday – Friday: 9AM – 5PM
Saturday – Sunday: CLOSED
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