Nervous About Your Mortgage Renewal? Here’s How to Take Charge! скачать в хорошем качестве

Nervous About Your Mortgage Renewal? Here’s How to Take Charge!

Mortgage renewals can feel nerve-wracking, especially with rising interest rates and uncertain financial landscapes. In Canada, nearly half of all mortgages will come up for renewal between 2024 and 2025. If you’re feeling uneasy about what this could mean for your payments, you’re not alone. But the good news? You can take control of the process with the right strategy. In this video, we’ll address the five most common questions about mortgage renewals, helping you approach this milestone with confidence: When should I start negotiating my mortgage renewal? Can I negotiate with my lender, and what should I ask for? Should I stay with my current lender or explore other options? What can I do if my payments are set to increase significantly? How should I respond to the renewal letter from my lender? **Important note: In this video, we mention that payments may “double,” which might be alarming. However, it’s the interest rate that may significantly increase, not your monthly payment automatically doubling. While higher interest rates can increase your payments, the exact amount will depend on the term, balance, and amortization period left on your mortgage. Mortgage renewals don’t have to be a stressful experience. Start by researching options 4–6 months before your renewal date. A mortgage broker can help you find competitive rates, giving you leverage when negotiating with your lender. Switching lenders may seem daunting, but it’s worth considering if you can secure better terms. Most importantly, take time to understand your budget and plan for any potential payment increases to ensure you’re prepared. Feeling nervous is natural, but being informed and proactive can turn this process into an opportunity for financial growth. Join us as we guide you step-by-step through how to make the best decision for your mortgage renewal.