If you’re within four to six months of your mortgage’s maturity date, it’s time to think about your mortgage renewal options. Many lenders allow you to begin the renewal process early, giving you the chance to secure better rates or switch lenders without extra fees. Before making any decisions, take a moment to explore the resources below. We’ll walk you through everything you need to know, from the basics of the renewal process to tips on finding a better rate, switching lenders, and what to do if your renewal is denied.
Let’s start with the helpful video below for the top tips on renewing a mortgage.
Are you worried about confusing mortgage terms and the pressure of tight deadlines? We’ll cut through the complexity by breaking down the renewal process, explaining key timelines, and highlighting why renewal day is your golden opportunity to switch providers without penalties.
Learn more about the fundamentals of mortgage renewal:
If you’re feeling uncertain about which mortgage term fits your financial goals or confused by the concept of amortization, this section is designed to clear up the fog. We’ll guide you through how to choose the right term for your budget and long-term plans, break down the basics of amortization, and show you when extending your amortization might be a smart move.
Learn more about term length and amortization:
Not sure whether to wait for your scheduled renewal or consider refinancing? We’ll guide you through the decision-making process by exploring when refinancing truly makes sense, outlining the hidden costs you might encounter, and explaining the impact of mortgage refinance penalties. Read the links below to understand when refinancing could be a better option than simply renewing.
Learn more about how refinancing is different from renewal:
If you’re feeling limited by your current lender’s options, we’ll show you how switching mortgage providers at renewal could help meet your financial needs. Read the links below to understand the potential benefits of changing lenders, how to secure favorable terms while switching, and if you should move from a variable-rate to a fixed-rate mortgage.
Learn more about switching providers:
Concerned about unexpected roadblocks or rising costs as you renew your mortgage? We’ll help you overcome common renewal challenges. Explore our renewal tips to learn when you should start the renewal process and what are your options if your new monthly payments become unmanageable.
Learn some common tips for mortgage renewal:
Term
2-yr
2-yr
Term
2-yr
2-yr
*Based on a $700,000 home price, 10% down payment, amortized over 25 years, and a five-year fixed mortgage rate of 4.64% vs. 4.39%.
Our team works closely with you to understand your needs, explore the best financing options, and secure a loan that fits your budget and future plans. With us, homeownership becomes a reality with confidence and ease.
