You can begin your mortgage renewal process as early as 120 days (4 months) before the end of your current term, even if you haven’t yet received your renewal notice. Lenders are only legally required to send your renewal statement at least 21 days before the deadline. Starting the process earlier can allow you to secure the best mortgage possible that aligns with your financial goals!

Whether you’ve received your lenders’ renewal offer or asked them for it, it may come with a rate guarantee that covers the time frame left before your deadline. If rates happen to drop before the actual maturity date, the lender may also adjust your interest-rate offer lower.

The renewal rates first offered by your lender are often not the best ones you can get. They’re typically based on posted rates¬†with a ‘discount’ to help you feel that you’re getting a deal. So, take this time to check out the possibility of getting a lower interest rate, either with your current lender or another one. You may find a better offer that will help you save money over your next term.

Please don’t sign your mortgage renewal without checking with me! I’d love the opportunity to get you a better mortgage option!