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Get A Mortgage Check Up Before You Sign Your Renewal!

Get a Mortgage Check Up Before You Sign Your Renewal!

You’re Mortgage Renewal

Whether you are a month away or twelve months away, not having an unbiased mortgage professional review your mortgage renewal is leaving money on the table! Here at the Clinton Wilkins Mortgage Team, we see homeowners get offered rates and mortgage terms/conditions; which aren’t reflective or what they could truly qualify for. Here are some top reasons to ensure you call us first!

Rate, Rate, Rate!

When it comes to renewing your mortgage, most lenders will send you your official renewal documents months before your maturity date (date in which your current mortgage term is completed). Lenders know Canadians are not fluent in the current market rates of mortgages. That they depend on their lenders to be in good faith and offer the best rate, but this is not always the case. Lenders know that if you want to move your mortgage, you will need to re-qualify at the new guidelines which stipulate qualifying at the greater of 5.14% or the contract rate plus 2%.

What’s best for your debt?

Owning a house can be rewarding, but also expensive! As the statistics tell us right now Canadians have more consumer debt than ever before. Why pay the high-interest rate that comes with your credit card? Depending on the equity within your home, as well as the amount of debt you have, you have the ability to roll your debt into your mortgage. With your mortgage interest rate being drastically lower than those pesky credit cards, you could be increasing your monthly cash flow by hundreds of dollars. This could mean a refinance would be the best option instead of signing the lenders’ renewal

Mortgage terms and conditions

Over the term of your mortgage your life situation can change significantly, such as a promotion at work, married and now your family has two sources of income, coming into an inheritance or you win the lottery (we can all hope right?). With having extra income, does your current lender have the allowance you need to make extra pre-payments? What do they allow for lump sum payments? Maybe you want a HELOC to be able to make the large prepayments with no penalty if it’s over your yearly allowable lump sum payment amount. Depending on your lenders’ current allowance, switching into a HELOC or to a lender who has more favorable prepayment privileges could be the right option for you.

When it comes time to renewing your mortgage and signing on the dotted line, don’t miss any opportunity to have the most cost-effective mortgage for you and your family. Here at the Clinton Wilkins Mortgage Team, we will focus on what’s important for your family. Whether we need to lower your debt load, get a better rate, or if the best financial option for your situation is to sign the renewal with your current lender. Come get a mortgage checkup and remember, we are always looking out for your best interest.

1. The “Holiday Cheer Giveaway” (the “Contest”) runs from 08:00:00 a.m. AST on December 1st, 2020 (the “Contest Starting Date”) to 5:00:00 p.m. AST on December 11th, 2020 (the “Contest Completion Date”). The Contest will have one (1) grand prize draw for a cash prize of $2,200.

2. Submitting this form implies consent to subscribe to our emails and mobile phone alerts. Subscribers may opt-out at any time.

3. SMS message and data rates may apply. Text HELP to 68411 for help, text STOP to 68411 to end. By opting in, I authorize the seller to deliver messages using an automatic telephone dialling system and I understand that I am not required to opt-in as a condition of entering the Contest.

4. Participants will receive one (1) contest entry for signing up for email and/or mobile phone updates. This is limited to one entry per person through the online sign-up form.

5. Participants may have the opportunity to earn additional entries and any details will be announced from time to time if available.

6. Participants must be 18 years of age at the time of contest entry and reside in Nova Scotia, Canada.

7. By entering this Contest, all entrants consent and agree to the use of their name, address, likeness and photo for any advertising, publicity and marketing purposes by the Sponsor, without compensation.

8. By entering, all eligible participants agree to abide by the rules and conditions outlined above.

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Normally you can find this at retail stores across Halifax and Dartmouth, but we wanted to make it even easier for you to get a copy.

The entire guide is available online to view or download, and to make sure you’re staying safe at home, you can now request a print copy by mail, free of charge, anywhere in Nova Scotia!