We are one of the most respected brokerages in the Winnipeg area when it comes to renewing your Winnipeg mortgage and our goal is to provide the people of Manitoba with some of the best mortgage solutions anywhere in the province.
1 Wide Range of Options As Winnipeg Mortgage brokers, we offer access to numerous lenders, including those not available to the public, ensuring you find a mortgage product that perfectly fits your financial needs.
2 Expert Guidance With our mortgage expertise, we provide personalized advice to navigate complex mortgage terms and conditions, helping you make well-informed decisions.
3 Cost and Time Efficiency We are able compare various mortgage deals to secure competitive rates and terms, potentially saving you money and simplifying the application process to save you time.
3 Ongoing Support From start to finish, mortgage brokers such as ourselves, offer continuous assistance, handling paperwork, resolving issues, and ensuring a smooth mortgage application process.
Most lenders send out renewal offers 120 to 180 days (about 4 to 6 months) before your term ends. You can start shopping around and negotiating with different lenders within this period without facing any penalties for breaking your current mortgage.
A mortgage renewal occurs at the end of your mortgage term, when the initial term (e.g., 5 years) is up but you still owe a balance on your mortgage. At this time, you’ll need to renew your mortgage agreement, potentially with new terms and rates, for another term until your mortgage is fully paid off.
Absolutely. Mortgage renewal is an ideal time to review and negotiate your mortgage terms and interest rates. Don’t hesitate to shop around or consult with a mortgage broker to ensure you’re getting the best deal suited to your current financial situation.
If you don’t respond to your mortgage renewal letter, most lenders will automatically renew your mortgage for another term at their posted rate, which may not be the most favorable rate you can get. It’s crucial to be proactive and consider your options before your renewal date. This is where we can really help you out and shop around to many different lenders.
Generally, there are no penalties for switching lenders at the time of renewal, as your mortgage term has ended. However, there may be administrative costs, such as appraisal fees or legal fees, associated with transferring your mortgage to a new lender.
Evaluate your financial goals, the current interest rate environment, your job stability, and any changes in your lifestyle or financial situation. Consider whether you want to make changes to your amortization period, switch from a variable to a fixed rate (or vice versa), or access home equity for other investments or expenses.
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