What to Expect During the Port Coquitlam Mortgage Renewal Process
The mortgage renewal process is something that everyone with a Port Coquitlam mortgage, needs to be fully aware of. If you have a mortgage agreement, you are required to receive a renewal statement from the lender at least 21 days before the end of the current mortgage term. This type of notice will be sent to you in a document form unless you have consented to have it electronically sent through email. If the term of your current mortgage is coming to a close, be sure to be on the lookout for your Port Coquitlam Mortgage Renewal notice from your lender.
What Will the Renewal Notice Contain?
The renewal statement that you will receive will have basically the same type of information that is included in your current mortgage agreement. This includes the balance that remains on the principal owed at the time of the renewal date. Interest rate, payment frequency and any changes to the terms should also be included in the renewal statement. In the case that your mortgage is not being renewed, you will be notified at least 21 days prior.
How Early Should You begin Shopping Around?
It is never a good idea to wait until you obtain a renewal letter from your lender to begin shopping around for another mortgage broker. Being proactive with your current mortgage agreement is the best way to save yourself money and headaches along the way. You can begin looking for a better mortgage option with terms and conditions that appeal more to your needs before you even receive a renewal notice.
Discounted Interest Rate
Since your mortgage is probably one of the largest bills that you pay, it is always a good idea to take an active approach to the mortgage renewal process. A trusted Port Coquitlam mortgage broker serving the Tri-Cities, Coquitlam, and Port Moody might be able to help you to negotiate with your current lender for a discounted interest rate. This could save you a substantial amount of money over the duration of the mortgage. The rate that is quoted in your renewal notice might not actually be the lowest interest rate that you qualify for. It is important that you do some legwork with a mortgage broker to ensure that you are getting access to the lowest interest rate possible.
If you don’t take the time to be active about your current mortgage, it might be automatically renewed after the 21 day period passes.