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Why mortgage renewals are more important than you think

Whenever there is a sense of urgency, we begin making rash decisions. In some cases, we don’t even think before we’ve made a reactionary decision. If you’re at the check out in Walmart considering whether or not to purchase that Mars chocolate bar, it might not impact your life terribly. However, the impact changes greatly when we offhandedly respond to upcoming mortgage renewal dates.

Most homeowners will receive their mortgage renewal around four to six months in advance of their required mortgage renewal date. Although this seems like plenty of time to research new options, we end up at the required renewal date without a clue about our options or what the best choice is moving forward. While big banks send out these notices in advance to keep your business, it really is the best time to learn about your options. Just because a bank offers early renewals does not mean they have the best offer for you. And trust me, there are plenty of options!

It is important to understand a few hooks lenders may use to hold you back from getting the best rates possible. For example, did you know that some lenders today are no longer offering a six month open mortgage in the event they did not receive your mortgage renewal back from you? Not only is this a way for banks to keep a clients’ business, but it is also an opportunity for the bank to charge a client a payout penalty if the client wishes to leave the bank they are currently with. Keep in mind, it is your responsibility to ensure you receive your renewal, and chose wisely after knowing your options.

All these signs, and more, point to homeowners and consumers alike to be wise! We must be prepared to make changes by watching our finances closely, rather than assuming banks have our personal interest at heart.

You’d be surprised to see the thousands of dollars that my clients have saved by taking control of their finances. Being prepared to make informed decisions, and doing the work required may take more effort, but each and every client to date would agree; your financial freedom is worth the effort.

Are you in control of your finances? If you weren’t offered a mortgage renewal (and this does happen), what would you do to ensure you were given the best available options? Call today so we can get started on a better future for you and your family.

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