Your Mortgage Renewal

Many people are familiar with the process of getting a mortgage, but when it comes to renewing that mortgage there can be a bit of confusion. Don't worry, Gert Martens Mortgage Team is here to help you with your mortgage renewal!

What is a Mortgage Renewal?

When you sign your initial mortgage it's for a set term (amount of time). The most common mortgage term is 5 years. When that term completes you need to decide if you're going to payoff that mortgage in full, sign another term with the same lender, or move your mortgage to a different lender. About 3-4 months before your renewal date your current lender will send you an offer letter stating what rate they are going to offer you now and for what period of time (term).

What do I do?

Once you get your offer letter/renewal package from your current lender 🛑 Before signing anything with them reach out to our experienced mortgage renewal team! We will compare the rate and term you were offered with our 40+ lenders to make sure you're getting the best rate possible. Along with that, we'll discuss your future plans...why? Because there's more to consider than just rate!

What to consider at mortgage renewal time

Mortgage renewal time is a great time to make plans and make sure your mortgage fits with those! Before signing anything, here's a few things to consider...

-are you planning to move to a new city? If so you'll want a lender that does mortgages in that area so you don't pay unnecessary fees

-are you planning to buy an acreage? If so you'll want a lender that does mortgages on rural properties to avoid paying unnecessary fees

-are you thinking of doing renovations? If so you might want to add a home equity line of credit at renewal time

These are just some examples, but if these things aren't planned for they could end up costing you thousands of dollars in mortgage fees!

Are Grande Prairie mortgage team is licensed in both Alberta and British Columbia! We are experienced with mortgage renewals, and are here to help you get the best mortgage rate and a mortgage product that works for you!

To get the mortgage renewal process started today reach out to Gert Martens Mortgage Team!