It might seem like the easy option at the time of mortgage renewal is just to accept whatever rate and terms your existing lender offers you. Without even stepping foot in a financial institution, you’ll receive a letter, and if you sign and return it, your renewal will be finalized. In a world where we are so focused on convenience, lenders expect that many people will choose this option, and settle for less than optimal terms.
Before your mortgage renewal period comes around, there are a number of things to consider. After all, you may find that there are better mortgage options out there today that meet your needs, or better rates available. Whether your last mortgage term was 3 years or 7, in that time period things change. That’s why before your mortgage renews it’s important to consider and discuss your options with a mortgage professional.