When a borrower gets a property mortgage loan, they are usually offered a period of five years to pay it off. However, most borrowers fail to pay the entire amount within those five years, and hence they opt for renewing the mortgage. Renewing the switch in mortgage offers them the opportunity to have a better option, alter the duration, or alter the duration of time.
On the other hand, renewing a mortgage is the process of switching the lender and breaking your mortgage contract with your previous lender. In both cases, you will have to pay the monthly payment instalments.
Now if you are feeling confused about which mortgage payment method you should stick to and why not the other, Harkamal Gill will offer you the best guidance and valuable suggestions. I am your licensed mortgage broker offering my services in British Columbia.
You must be wondering, when you can continue renewing your mortgage with one single lender, why would you bother to switch your lender? Well, there are many good reasons to consider switching your mortgage. The basic reason to switch your lender is lower interest rates.
If a lender offers considerably low interest rates, it will minimize your monthly payable amounts and save you thousands of bucks.
Switching your mortgage can prove to be quite beneficial if you can manage to grab the right deals. However, you need to consider a few basic factors before you make your move.
If you switch lenders before the maturity of your mortgage, you will have to pay a penalty for breaking the contract. Lenders are expected to provide you with a clean estimate prior to finalizing a mortgage. I will suggest you and guide you in this respect for avoiding any unexpected complications.
Before ending your mortgage deal, ensure you qualify to switch to a new lender. As your expert mortgage broker in BC, I will verify these factors for you prior to the pre-approval phase.
When you’re ready to switch lenders, I’ll help you submit a clean, error-free mortgage application. I will also make sure your application receives quick approval.
Want to discuss more about switching your mortgage? Connect with me today, mortgage broker Harkamal Gill.
