Canada Mortgage Hub Discussion Board

Canada Mortgage Hub Discussion Board



SearchSearch   Members      Login
Today: 17.01.2018 - 14:30:39
   Canada Mortgage Hub Discussion Board -> Mortgage Rates Canada -> What is the process to renewing a mortgage?
Autor Post

pa5ha

User




Statistic:
Total topics: 9
Total posts: 14
Reputation: 903 ±
Penalties: 0
What is the process to renewing a mortgage?
--------------------------------------------------
--------------------------------------------------
Best rate mortgage
Post # 1.

rbaasiri

User



Statistic:
Total topics: 12
Total posts: 96
Reputation: 167 ±
Penalties: 0
If the mortgage is with a major bank they usually send out a notice within 30 - 60 days of the due date outlining your options and interest rates.I would suggest that you arrange an appointment within 60 days of your renewal date and explore your options with a loan representative. Sometimes the banks will guarantee your rates within the renewal notice period; they give you the lower of the existing rate at the time of renewal or the rate they quoted. You will have a pre-payment option on renewal and it is also a good time to shop the mortgage around as well to see if another loan institution has either a lower rate or a more flexible plan. The sooner you look at your options the more time you will have to explore alternatives. I have built up a lot of equity in my house and took out a line-of-credit on that equity to pay off the mortgage. Now I the flexibility as to when I pay and how much; as long as I pay off the monthly interest.
--------------------------------------------------
Post # 2.
1  


Powered by © 1.8 eXclusive