Early Mortgage
Renewal / Refinance
Early renewal or refinancing involves modifying your mortgage contract before the designated renewal or maturity date. This can be an attractive option when interest rates are fluctuating & opportunities arise to save money or meet financial goals.
- Reasons for early renewal or refinancing might include:
- Taking advantage of lower interest rates.
- Reducing monthly payments.
- Accessing cash for renovations, investments, or other financial needs.
It’s important to do a review to help determine whether the financial advantages (such as interest savings or improved cash flow) outweigh the costs, like potential break penalties or fees, etc.
Most mortgage’s are “closed” terms, meaning that if you want to make changes before the term maturity date, you have to break the contract, which often comes with a payout penalty. If you break your contract, we must consider the cost of this penalty and if we can at least recover the penalty in savings or otherwise justify it.
Early mortgage renewal or refinancing can help you take advantage of lower interest rates and reduce monthly payments.
Before proceeding, it’s essential to determine whether the financial benefits outweigh costs like break penalties or fees.
It never hurts to reach out and explore your options—if we identify an opportunity, we’ll guide you through the next steps.
In order to calculate if it would be of benefit to you we would need to obtain the following documentation regarding your current mortgage:
- Your most recent **Annual Mortgage Statement**
- Your original **Mortgage Commitment** or **Renewal Letter** from your last mortgage change.
Additionally, standard qualifying income documentation, credit, equity, and property must be satisfied.
It never hurts to reach out to explore your options. If we identify an opportunity, we take it a step further explaining your options in further detail and guiding you onto the next steps in the process.
Imagine you’re a busy professional with a demanding job and a family to care for, making it difficult to attend traditional mortgage appointments during standard office hours. We understand your needs and are here to offer solutions that work around your schedule.
We provide flexible appointment times, including evenings and weekends, so you can meet with us at a time that suits you best. If you can’t make it to our office, no problem—virtual meetings via video call or phone allow you to handle your mortgage needs from the comfort of your home or office. Additionally, we customize our communication to your preferences, whether that’s through email, text, or phone, ensuring you stay informed without disrupting your day.
With these flexible options, we ensure that securing a mortgage is not only convenient but also stress-free and aligned with your busy lifestyle.
