Now, the onus is on you to prove you still deserve the lowest rates and best terms for your mortgage. Because mortgage lenders in 2018 are FAR more careful about the renewal offers they make.
Don’t worry, if you are still Rock Star Status, we will have multiple lenders competing for the right to fund your new mortgage.
But if things have changed since you originally got your mortgage, let’s get WAY out in front of that. Let’s assess your circumstances together and see what your current lender will see when the time comes. Often there are things we can do to strengthen your case.
If you would like us to prep for your mortgage renewal, we can have a quick chat on the phone, or on cam say with Skype or Zoom, or face to face – whatever suits you best.
We recommend anytime within one year of the renewal date. We provide a FREE service where we will review your personal credit history, your current income and employment circumstances, and the value of your home, and give you a renewal plan tailored to ensure best results possible!
The reason is a new International Financial Accounting Standard called IFSR 9. It applies to all banks and mortgage lenders, and it’s here and it’s NOW.
You can read all about the impact of this change here.
It used to be as long as your mortgage repayment history was impeccable, you did not worry too much about your mortgage renewal.
A mortgage renewal letter would arrive in the mail 4 to 6 months prior to your renewal date, and would list several term and rate options; usually pretty competitive, and invite you the homeowner to select your preference.
Now you may find there are verification steps you never went through before. Or you may be told words to the effect “Give us a call, we will see what we can do.”
The three things mortgage lenders care about at renewal time: