Renewing your mortgage might seem straightforward, but preparing in advance can save time, stress, and even money. At Steven Murdoch Mortgages, we guide homeowners in Alberta and British Columbia through the renewal process to make sure they’re getting the best deal. Here’s a simple checklist to help you get ready before your term ends:
1. Review Your Current Mortgage
Start by understanding your current mortgage terms. What is your interest rate? How long is your amortization? Are there any prepayment privileges or restrictions? Knowing where you stand is the first step to making informed decisions.
2. Check Your Renewal Notice
Most lenders send a renewal notice 90 days before your term ends. Don’t just glance at it — read the details carefully. This notice will outline your current rate, the new proposed rate, and any changes in terms.
3. Assess Your Financial Goals
Your mortgage should align with your current life plans. Are you thinking about renovations, paying off your mortgage faster, or consolidating debt? Make a list of your priorities so you can choose the renewal option that fits your goals.
4. Shop Around and Compare Rates
Don’t automatically renew with your current lender. Rates can vary between lenders, and a slight difference can save thousands over the life of your mortgage. At Steven Murdoch Mortgages, we compare multiple options and help you find the best deal.
5. Review Penalties and Fees
Check for any penalties or fees if you plan to make changes, pay off your mortgage early, or switch lenders. Understanding the costs ahead of time avoids surprises and helps you make a smart decision.
6. Decide on Fixed vs. Variable Rates
Consider your comfort level with interest rate changes. A fixed rate provides stability, while a variable rate may offer savings if rates stay low. Make sure your choice aligns with your financial situation and goals.
7. Prepare Your Documents
Have your income verification, property details, and any other relevant documents ready. This can speed up the renewal process, especially if you’re switching lenders or negotiating terms.
Renewing a mortgage doesn’t have to be stressful. By following this checklist, homeowners can feel confident that they’re making the right decisions for their financial future. At Steven Murdoch Mortgages, we are here to help every step of the way, from reviewing your options to securing the best rate for your needs.
Contact us at Steven Murdoch Mortgages today to schedule a no-obligation mortgage renewal review — it could save you money and give you peace of mind.
Have Questions? Contact Steven Murdoch Mortgages today!
780.983.5148
info@stevenmurdoch.ca
