3 Things You Should Consider If Your Mortgage Coming Up for Renewal
When it comes time to renew your mortgage, most lenders will send you a mortgage renewal within 120 days of remaining on your term. Studies show, that nearly 60% of borrowers simply sign up for their renewal without even comparing interest rates. We, Mortgage Capital Investment would recommend you take a moment to check out your options. Let’s discuss a few tips on how to check your options. 1-Do Your Rate Research Do a quick search on how do current mortgage rates compare to what you’re paying now? Are they lower or creeping higher than average? Knowing what other financial institutions are offering in comparison to your current rate will give you a suggestion of how much wiggle room you have to negotiate 2-The Lowest Rate May Not Be the Best Cost-effective doesn’t necessarily mean better when it comes to your mortgage renewal . So it’s best to read the fine print before you sign up. Feel free to ask the lender what penalties are associated with the lowest rate. For example, by accep