Recent data from Mortgage Professionals Canada shows that 23% of all Canadian mortgage holders will renew their mortgage within the next year, and a staggering 50% will renew within two years.
So chances are, you are looking at a mortgage renewal within the next two years, and if not, unless you are in the enviable position of being able to pay off your mortgage at the end of your current term, a mortgage renewal will be on the horizon for you.
When it comes to renewing your mortgage in Surrey, BC, whether you’re looking to lower your monthly payments, tap into home equity, or take advantage of the latest mortgage trends, preparing for your renewal can unlock new opportunities.
Begin by reaching out to me 4-6 months before your renewal date. We’ll review your current mortgage in Surrey, BC, and start exploring options. It’s smart to get a 120-day rate hold so you’re protected against any rate increases while we shop around, or perhaps we’ll explore a more flexible solution that fits your evolving financial goals.
Is your financial situation the same as when we last negotiated your mortgage in Surrey, BC? Whether you’re planning to pay off your mortgage faster or want to access home equity for renovations or investments, this is the time to re-evaluate your priorities and make any necessary adjustments to your mortgage.
With the Bank of Canada’s recent rate cuts and more expected, variable-rate mortgages in Surrey, BC, are regaining some of their former popularity. Many homeowners are turning to this option for potential cost savings. If you’ve been locked into a fixed-rate mortgage, it might be worth discussing a switch to a variable rate at renewal.
If you’ve built up equity in your home, you can use this to consolidate debt, invest, or cover significant expenses like home renovations. Together, we can explore options that allow you to access equity while keeping your payments manageable. Mortgage in Surrey BC options can be flexible depending on your unique situation.
Note: This option can also be explored outside of mortgage renewal time. If you want to discuss how you can leverage your home equity at any point during your mortgage term, get in touch for a review of your situation.
Don’t assume your current lender offers the best deal. Shopping around for a mortgage in Surrey, BC, can help you secure a better interest rate or more favorable terms. Reach out, and I can do the heavy lifting for you, comparing multiple lenders and options to find what suits you best.
If you’re considering switching lenders or mortgage products, getting pre-approved ensures you’re ready when it’s time to renew. Pre-approval locks in a rate, so you’re protected if rates rise. A mortgage in Surrey, BC, that meets your needs requires careful planning, and pre-approval is a great way to stay ahead.
Your mortgage renewal is a great time to reassess your financial plans. Will you need a mortgage in Surrey, BC, that’s flexible with prepayment options, or are you focused on paying it off quickly? Plan with both short-term needs and long-term goals in mind.
In a press release issued September 16, 2024, the Canadian government announced two major changes to mortgage rules, building on earlier reforms announced in the federal budget. Calling them the “boldest mortgage reforms in decades,” these latest changes aim to make mortgages more affordable and put home ownership within reach for first-time buyers.
The cap for insured mortgages will be increased from $1 million to $1.5 million, making it easier for more Canadians to qualify with less than a 20% downpayment.
All first-time buyers and all buyers of newly built homes (including condos) will be eligible for 30-year amortization mortgages in Surrey, BC.
These changes open up new possibilities for aspiring homeowners and existing homeowners who may be considering a new purchase. A mortgage in Surrey, BC, could now be more accessible for those looking to enter the market or refinance. Reach out if you have questions about the new changes and want to understand how they might work for you!
