Unless you’re expecting a windfall to settle your mortgage, it’s time to think about renewal, and don’t take the easy route by just signing the renewal form offered by your present lender. Mortgage involves a lot of money and the more savings you have, the faster you can pay this off. So read through the terms carefully.
Remember, lenders are required by law to inform clients that their mortgage is expiring 21 days before the end of the term.
The Best Deal
Like any transaction, you want to get the best deal especially when it comes to large amounts. Renewal means an opportunity to get lower interest rates and cut monthly costs on the existing mortgage balance. It also affords borrowers the chance to get new benefits with a new lender. The best tip for those renewing their Salt Lake City mortgage, says altiusmortgage.com, is to never sign the deal without going over it carefully.
Comparing deals is also a useful exercise just to have an idea about other offers that may prove more beneficial. So be mindful of the mortgage term so you can scout around early enough.
The only way to get the best terms is to negotiate. That’s why researching is necessary, at least to give you an idea about what other lenders have to offer. Go online and check these. The result of your research will be a tool for negotiating better terms with your current lender, if you want to stick with them.
However, loyalty with the lender does not always guarantee you will be offered reduced rates. Research shows, you still stand a good chance of getting a much lower rate if you went with a new lender.
Using a Broker
While it may seem more convenient to handle renewing the mortgage on your own, more people have had a better experience using a mortgage broker if only for the simple fact that they have access to multiple mortgage deals that not everyone can tap. The final decision is still yours, but you’ll have several options to choose from.
Mortgage equals a ton of money paid over time. Find a way to cut costs and save and still enjoy your lifestyle.