When your mortgage term reaches its maturity date, you may need to renew your mortgage. During the mortgage renewal process, you will have an opportunity to switch providers, renegotiate terms, or acquire lower interest rates.
Make sure your renewal process goes smoothly by working with the esteemed brokers at Today's Mortgage Choice. With us by your side, you’ll acquire the rates and terms you desire. If you would like to learn more about mortgage renewals or schedule your first consultation, do not hesitate to contact us at (888) 418-6979.
What Is a Mortgage Renewal?
A mortgage renewal is a new agreement to either extend or renew a mortgage once it has reached maturity. Many people see the renewal period as an opportunity to renegotiate the terms of their mortgage contract or vie for more favorable interest rates. In some cases, individuals may even want to switch lenders entirely.
Whether you are considering extending the term of your mortgage or you want to leverage your low-risk status to acquire lower interest rates, we can help you. We will make sure we finalize your renewed mortgage with your best interests at heart.
Are you eager to begin the mortgage renewal process? Contact our firm today.
Can You Be Denied a Mortgage Renewal?
Many people wonder if they can be denied a mortgage renewal. While it is possible that lenders may deny renewal, the chances for approval are in the borrower’s favor. This is because the borrower often requests approval from their current lender. In such cases, approval is all but guaranteed.
If you are applying for renewal through different lenders, there is a higher chance of being denied. That said, if you’ve never failed to make mortgage payments on time and your finances are still in order, your chances of approval are exceptionally likely.
How Early Can I Renew My Mortgage?
Many mortgage lenders (also known as mortgagees) offer early mortgage renewal options to their clients. Typically, lenders will send you a letter in the mail 21 days before your current term is complete. However, most financial institutions and borrowers permit clients to renew their terms anytime during the final 120-day period of the existing mortgage term.
Is Renewing Your Mortgage the Same as Refinancing?
To renew a mortgage is not the same as refinancing a mortgage. When your current term comes to an end, a borrower may choose to renew their loan that has yet to be paid off. In cases of mortgage refinancing, a borrower swaps their existing mortgage for an entirely different one altogether. Borrowers can refinance their mortgage at any point during the repayment process.
Schedule a Consultation with a Mortgage Broker Today
Renewing your mortgage allows you to renegotiate terms and capitalize on the current market’s low rates. So whether you’ve reached the end of your term and you’d like to renew with your current lender or want to see what your options are, we can help you.
Contact us for more information on our services or to request a consultation by calling (888) 418-6979 today.