Mortgage Renewals in Ottawa
Are you renewing your mortgage? Borrowing Made Simple can help. Our team of mortgage brokers provides you with outstanding support throughout the mortgage renewal process. We’ll help you decide on lenders, rates, and plans most suitable for you.
Contact us today at (343) 763-2019 to discuss your mortgage renewal with our company.
How Do Mortgage Renewals Work?
The need for a mortgage renewal arises when you have reached the end of your mortgage term, but there is an outstanding balance left on the property. It will be necessary to renew your mortgage, along with the various terms and conditions, until you have officially paid off your property.
Borrowing Made Simple helps property owners all over Ottawa streamline their mortgage renewals. From discussing your options to preparing the application, we’ll work with your best interests at heart.
Can You Be Denied a Mortgage Renewal?
If you have been regular with your mortgage payments and have adhered to your responsibilities, it would be extremely unlikely for your mortgage renewal not to be approved. If you choose to stay with the initial lender of your mortgage, you won’t have to requalify for your mortgage.
If you decide to consider going with another lender, there is a chance of your mortgage application being denied. Based on your present circumstances, Borrowing Made Simple can recommend your best course of action.
Do I Have to Choose the Same Lender for My Mortgage Renewal?
Not necessarily. While the natural choice for a number of mortgage owners, others choose to seek other lenders whose terms are more conducive to their needs.
Renewing your mortgage provides the opportunity to evaluate both your present and future financial situation. Working together, we will help you assess whether you can afford to pay more monthly to get closer to homeownership. You can also opt for mortgage products and options that are better suited to your needs.
How Early Can I Renew My Mortgage?
You’ll generally be issued a mortgage renewal statement 120 days before the current mortgage term is up. These four months are when you’ll have to make the arrangements for the mortgage renewal.
Schedule your consultation with us at that moment, so you will have time to review your options.
Is Renewing Your Mortgage the Same as Refinancing?
A mortgage renewal is only necessary at the end of a mortgage term.
Refinancing can be done at any point of your mortgage term. Essentially, it involves exchanging your current mortgage set up for a new one.
Both allow you to take advantage of better interest rates and other incentives.
The Mortgage Brokerage You Need
Borrowing Made Simple is here to help you through the mortgage renewal process. We’ll help you navigate confusing terminology to locate the best options for your needs.
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