When the term you signed up for comes to an end, you are up for renewal! At renewal you are free to take your mortgage to another lender that may be offering better rates and terms with no early payout penalty.
Step 1: Initial Consultation
We'll start by scheduling an initial consultation to discuss your mortgage renewal needs. This can be done either in person, over the phone, or through video conferencing, whichever is most convenient for you. During this consultation, I'll gather information about your current mortgage, your financial situation, and your goals for the renewal.
Step 2: Review Your Current Mortgage
I will review the terms and conditions of your current mortgage agreement, including the interest rate, remaining balance, and any applicable penalties or fees for early termination. This will help us understand the options available for your mortgage renewal.
Step 3: Assess Your Financial Situation
To ensure that we find the best possible mortgage renewal solution for you, I'll assess your current financial situation. This may involve gathering information about your income, expenses, credit score, and any changes in your circumstances since you obtained your original mortgage.
Step 4: Research Mortgage Options
Based on the information gathered during the initial consultation and the assessment of your financial situation, I will research the mortgage market to find suitable options for your renewal. This includes exploring different lenders, interest rates, and mortgage terms that align with your needs and financial goals.
Step 5: Present Mortgage Options
Once I've gathered and analyzed the available mortgage options, I'll present them to you. This will include a comparison of interest rates, terms, and any additional features or benefits that come with each option. I'll explain the pros and cons of each choice to help you make an informed decision.
Step 6: Assist With Application Process
Once you've selected the desired mortgage renewal option, I'll assist you with the application process. This involves gathering the necessary documents, completing the application forms, and submitting them to the chosen lender on your behalf. I'll be there to guide you through the process and answer any questions you may have.
Step 7: Negotiation and Finalization
If needed, I'll negotiate with the lender on your behalf to secure the most favourable terms for your mortgage renewal. This can include negotiating the interest rate, repayment schedule, and any associated fees. Once the terms are agreed upon, we'll proceed with the finalization of the mortgage renewal.
Step 8: Closing the Renewal
I'll coordinate with the lender, your lawyer or notary, and any other relevant parties to ensure a smooth closing process for your mortgage renewal. This includes arranging for the signing of the necessary documents and the transfer of funds from the lender to your mortgage account.
Step 9: Post-Renewal Support
Even after the mortgage renewal is complete, I'll remain available to provide ongoing support and address any concerns or questions that may arise. I can help with mortgage management, provide advice on future financial planning, and assist with any future mortgage needs you may have.
Remember, this is a general outline of the mortgage renewal process, and the specific steps may vary depending on your unique circumstances and the lender's requirements. As your Mortgage Broker, I will work closely with you to ensure a personalized and smooth experience throughout the renewal process.