renew, renegotiate or refinance

Download Renew, Renegotiate or Refinance

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If your mortgage term is ending soon, this is the article for you.

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  • 1. RENEW, RENEGOTIATE OR REFINANCE? Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca

2. Ifyourmortgageisupforrenewalwithinthenext6months,you maywanttostartthinkingaboutwhatyouregoingtodowhen yourmortgagetermends. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? 3. Whileyoucouldrenewwithyourcurrentlender,youmaybe missingoutonpotenHalmortgageinterestsavings.Itsmost oJeninyourbestinteresttoseewhatelseisavailableforyou beforeyousignonthedoKedlineofanymortgage commitment. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? 4. IwanttohighlightthemortgageopHonsyouhaveatrenewal Hmesoyoucanmakeaneducateddecisiononhowtoproceed intothenexttermofyourmortgage. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? 5. RENEW YOUR MORTGAGE WITH THE SAME LENDER Ifyoudontwanttomakeanychangestoyourcurrentmortgage amountoramorHzaHon,asimplemortgagerenewalcouldbe thesoluHonforyou. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? 6. RENEW YOUR MORTGAGE WITH THE SAME LENDER YourexisHngmortgagelenderwillusuallysendyouanoertorenew neartheendofyourmortgagetermormaybesooner,dependingon yourlender.Thisdocumentwillcontainthedierentmortgageterm rateoeringsforyoutochoosefrom. ThebenetofrenewingwithyourexisHnglenderisminimal paperworkisrequiredasmostoJenyouarenotrequiredtore-qualify forthemortgageandtheresusuallynocostsinvolvedunlessyour lenderischargingyouarenewalfee.Thisisidealifyoujustwantto signonthedoKedlinethoughthedownsideisyoumaynothave iniHallybeenoeredthebestrateavailable. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? 7. RENEW YOUR MORTGAGE WITH THE SAME LENDER OJentheratesarenegoHableandyouneedtobeawareyou dontgetwhatyoudontaskfor,however,beforehavingthe ratetalkwithyourlenderdosomeresearchrsttodetermine whatexactlythebestratesareforyourcurrentnancial posiHon. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? 8. RENEGOTIATE YOUR MORTGAGE WITH A DIFFERENT LENDER IfyoureokaywithyourexisHngmortgageamount,thoughwant tomakechangestotheinterestrateoranyoftheothertermsof yourcontractnotoeredbyyourcurrentlenderyoumaywant tolookatthepossibilityofrenegoHaHngyourmortgagewitha dierentlender. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? 9. RENEGOTIATE YOUR MORTGAGE WITH A DIFFERENT LENDER IfyouregoingtolookatthisopHon,bepreparedtoprovide updatedmortgageapplicaHondetailsaswellassupporHng documentaHontoyournewmortgagelender.Asyoudonthave amortgagerepaymenthistorywiththisnewlender,theywill wanttore-qualifyyouforthemortgagewhichwillalsoinvolve orderingyourcreditreport. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? 10. RENEGOTIATE YOUR MORTGAGE WITH A DIFFERENT LENDER Usuallyamortgageswitchdoesntinvolveanycostscharged bythenewlenderastheywillcoverthemthoughtheremaybe somesmallcostsof$200-$300chargedbythelenderyouare leaving. Talktoyourmortgageprofessionalaboutanycostsinvolvedto renegoHateyourmortgagewithanewlenderastherearesome excepHons. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? 11. REFINANCE YOUR MORTGAGE Arenanceisperfectforyouifyouwanttoaccessyourhome equityatrenewalHme. Renancingyourmortgageallowsyoutorestructureyour mortgageamount,term,interestrateandamorHzaHon.Ifyou havesucientequityavailable,thiscanallowyoutopayo debt,invest,renovate,andmore. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? 12. REFINANCE YOUR MORTGAGE Therearesomecostsrelatedtorenancingyourmortgage whichmayincludeappraisalandlegalfeesthoughtheyusually arentashighaswhatyoupaidwhenyouoriginallypurchased thehome. Somelenderswillalsooertopickupsomeofthecoststotheir renancecustomersoroersomesmallcashbackamountsto helpreduceanyoutofpocketcoststhatneedtobepaid.You canalsotalktoyourmortgageprofessionalaboutpayingsome ofthosecostsfromyourrenancefundsatclosingHme. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? 13. REFINANCE YOUR MORTGAGE Thenextstepisdecidingonwhichofthe3waysyouwantto accessyourequityatrenewalHme; Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? 14. REFINANCE YOUR MORTGAGE 1)Restructureyourrstmortgagetoaccommodatetheextra fundsyouwantoutofyourhome. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? 15. REFINANCE YOUR MORTGAGE 2)Asecondmortgagewillallowyoutoleaveyourrstmortgage detailsthesame,butaccessequitybyobtaininga2ndmortgage behindyour1stone.Becarefulthough,as2ndmortgagesmay comewithhigherratesandpossiblyfees. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? 16. REFINANCE YOUR MORTGAGE 3)Or,ifyouqualify,ahomeequitylineofcreditcouldbethe soluHonyourelookingfor.Itcanberegisteredbehindyourrst mortgageandoersavariableinterestrate,anopentermand interestonlypayments. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? 17. Alotcanchangeduringthetermofyourmortgage,including income,assets,debts,andnancialprole,amongotherthings. Itsneverabadideatogiveyourmortgageacheck-upat renewalHmetoensureitalignswiththenancialgoalsyouare tryingtoachieve. Dontbeafraidtoexplorehowyoucanmakeyourmortgage worktoyourbenetbypartneringwithanexperienced mortgageprofessionalontheperfectnancingsoluHonforyour specicsituaHonrightnow. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? 18. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,RENEGOTIATEORREFINANCE? Mortgage Questions? DonthesitatetocontacttheMortgagegirl Phone:780-433.8412 Email:info@mortgagegirl.ca Visit:www.mortgagegirl.ca Like:www.Facebook.com/mortgagegirl.ca Follow@mortgagegirlca