Mortgages in Oakville: 3 things that you need to know about renewing them

1) Renewing your mortgage in Oakville?

In the event of your mortgage in Oakville being with an institution regulated by the Federal authorities, for example, a bank, then the lender is obligated to provide you with a renewal statement within 21 days prior to the ending of the present term.  This statement must detail the same type of information as in your current mortgage contract. This will include the outstanding balance or principal sum as at the renewal date and the current interest rate. Furthermore, it will confirm the frequency regarding payments, with the mortgage term and any applied fees or charges.

2) What are your mortgage needs?

Your mortgage term coming to an end is an ideal time to consult your Oakville mortgage broker regarding your available options, advantages available to you that will best meet your present mortgage needs. Our circumstances can be subjected to change and the following issues being raised for a professional opinion, could help you find a more appropriate form of a mortgage.

A foremost consideration could, if your budget permits, increase your payments to pay off your mortgage faster and save on the interest charges. You may also want to consider changing the frequency of your payments, such as from a monthly basis to accelerated bi-weekly payments, again to pay off your mortgage faster. Discuss with your broker whether you are satisfied with the services of the present lender of your mortgage! Another potential issue is would you prefer to consolidate other debts with higher interest rates and raise the mortgage loan amount?

3) The interest factor

A significant influence is the interest amount it’s costing you to service your mortgage loan! Therefore, discuss with your qualified broker the option of negotiating a better rate with the lender of your current mortgage in Oakville. It is a possibility that you could be eligible for a discounted interest rate, lower than the rate quoted in your renewal notice. Your Oakville mortgage broker is a highly experienced professional, with skills in negotiating with financial institutions.

Should you decide not to take action, then your mortgage in Oakville could be automatically renewed for another term. This may result in your not receiving the best possible interest rate and conditions. Your qualified broker will advise, guide and support your efforts to obtain the best possible mortgage rate and terms for your specific circumstances and needs!