Unbelievably, 80% of the mortgages that existed in March 2022 will be up for renewal in 2024. And with all of the talk around Mortgage Rates in every piece of media available, you might be stressing about an upcoming renewal.
First of all, even if you got one of those amazing low interest rates from COVID the most important thing to understand is that your payments will not double even if your interest rate doubles. If you are stressed about the potential increase to your payments, please reach out and we can run some rough numbers for you.
When your mortgage is up for renewal, this is the best time for you to make any changes to your mortgage. When you are up for renewal you can:
- Move lenders
- Lock in rates early
- Change the term
- Change your amortization to either increase or lower your payments
- Win the lottery and receive an inheritance? You can pay off your mortgage with no penalty!
If your renewal is coming up this year, please don’t just take the offer that your bank offered you. Please make sure that:
- You are getting the best rate available for you
- You don’t need to make any other changes such as increasing or decreasing your payments
- You don’t actually need any additional for funds such as a renovation
If you have a renewal offer that you would like to review with use to make sure you are getting the best mortgage for you, please book a meeting with us in our Contact form. Our advice is free!