The chances are good that there is plenty that has changed since the time that you signed on the dotted line with your original mortgage agreement. You could also be in a different life stage where there could be changes coming your way. The bottom line is that your mortgage should always fit in with your lifestyle and any goals that you have for the future. If you think that a Regina mortgage renewal is your best option, you need to do some research so that you can compare all of your options to make the right decision.
Your Circumstances and Goals
When trying to determine if a mortgage renewal is your best option, take these things into consideration:
- Have you had a major change in your income?
- Do you have more or fewer expenses than before?
- Is there a different level of financial risk involved?
- Have you gotten married or are you starting a family?
- Is there a milestone event that has to be paid for such as a wedding or college tuition?
Of course, there may be some goals that you have in mind that you would like to accomplish that a mortgage renewal can help, such as:
- You may want to live a life that is mortgage-free
- There could be a need for major repairs or renovations within your home
- You might be planning a move in the near future
- There may be some items you are hoping to check off your bucket list
- You may want to see about paying a lump sum on your mortgage
These circumstances and goals should be looked at when you are thinking about a Regina mortgage renewal.
Do Your Research
A lender will generally start the process for renewal around five months prior to the maturity date, which makes it the perfect time to do a bit of research on your own. There are a number of products out there that will help you to make the right decision based on your financial goals and needs.
You could qualify for a mortgage renewal around 150 days prior to the maturity date. If you take this route, a lender will usually waive the fees or prepayment charges. This will all depend on the type of mortgage as well as any available incentives. While some people wait for the maturity date before they renew, weighing all of your options will help you to make a sound decision because one lender may have different policies than another.
Determining your mortgage goals should never be difficult or a task that is overly daunting. Bittner Mortgages can help you with your Regina mortgage renewal to ensure you have everything in place for success. Once you give us a call, we will gather all of the pertinent information that we need from you regarding your mortgage and then prepare the best options for you to choose from. We also have handy tips and mortgage calculators on our website that you can use to get the process started before you come in to meet with us.
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