Mortgage Renewals in Orleans
If your current mortgage is reaching the end of its term, its time to make a decision: renew your mortgage with the same lender or find another one. At Borrowing Made Simple, we recommend looking into all of your options before signing on the dotted line.
Schedule an appointment with our expert brokers and explore all the possibilities available to you. Our team will locate the most suitable mortgage options for your situation.
Contact us today at (343) 763-2019 to learn more.
How Do Mortgage Renewals Work?
A mortgage renewal is simply signing on for a new mortgage term when your original mortgage has reached maturity and there is an outstanding balance. You can accept the proposed interest rate your current lender offered in their renewal statement or look into renegotiating your terms or switching lenders.
Borrowing Made Simple’s brokers simplify the decision process. We’ll help you reevaluate your financial situation and lay out all of your options.
Can You Be Denied a Mortgage Renewal?
It is possible to be denied a mortgage renewal with your current lender, but chances are that you will be approved provided you have been consistent with your regular payments.
However, borrowers who choose to apply to a new lender have a chance of being denied. Set yourself up for success and make sure you have Borrowing Made Simple’s brokers on your side. With us guiding you, you’ll have a better understanding of the mortgages for which you qualify.
Do I Have to Choose the Same Lender for My Mortgage Renewal?
The majority of mortgage holders do choose to renew with the same lender for their next term. However, you aren’t obligated to. Our brokers will show you multiple plans from several lenders based on interest rates, payment amounts, and other terms and conditions.
Whether you renew with the same lender or choose another one, we’ll make the process easier than ever. Call us today to get started.
How Early Can I Renew My Mortgage?
In general, as early as possible — 120 days is usually the rule of thumb within the mortgage industry. You’ll be issued a renewal statement from your current lender at least 21 days prior to your term ending. This way, you’ll be able to see the new terms they’re offering you. Your renewal statement will include the following:
- Your current balance
- Interest rate
- Payment frequency
- Additional fees
Many lenders offer early mortgage renewal options. If you sign early enough, you can avoid certain penalties and lock in a given interest rate. Be sure to make an appointment with one of our brokers to help you make an informed decision as to if this option is the right one for you.
Is Renewing Your Mortgage the Same as Refinancing?
No. Refinancing a mortgage is switching your existing mortgage for a new one, often with a new lender. It can be done at any time during a mortgage term, while mortgage renewal is only needed at the end of a term.
Borrowing Made Simple would be pleased to answer any of your questions regarding either mortgage refinancing or renewals.
The Mortgage Brokerage You Need
Clients all over Orleans depend on the superior mortgage services of Borrowing Made Simple. If you are in the midst of renewing your mortgage, we can help.
Reach out to us today to learn more.
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