When you initially get your mortgage you are probably very excited that you get to move into a place of your own or get into something new. After all, you’ve probably gone a great length to getting your application approved and the last thing you want to think about is another headache and lengthy process. However, before you know it, your mortgage term of however many years will come to an end and you will have to deal with renewing your home loan amount.
A mortgage renewal is when your current term of your loan comes to an end and you have to sign on a new term. At this point, you get the opportunity of renegotiating your new interest rate, term length, and even lender! This means you can choose a situation that is in line with your needs depending on where you are in your life.
Joe Purewal and Associates make it easy for you
At the end of your mortgage term, if you still have a balance, you will need to do something called a mortgage renewal.
Whenever you have an opportunity to renew your mortgage, it is important to shop around and assess whether your current mortgage is still in line with your current or new financial goals.
Joe Purewal and Associates make it easy for you by taking a deeper look into what type of interest rate and term length will get you mortgage free sooner!