The first is that your lender will likely send you an early renewal notice to try and get you to sign back in with them before you choose to move your mortgage. While sometimes it is beneficial to do so, other times it is not.
A lot of lenders do not compete as aggressively with their renewal rates as they might with their original offerings to new clients. Here at Oceanvale Mortgage & Finance, we have access to rate specials, stay on top of market trends, and can compare what you are being offered to what you can expect to get if you were to switch lenders.
The benefit to staying with your current lender is not having to round up any documentation while completing the process at little to no cost. If your current lender is offering you a competitive rate then it might make sense to sign with them rather than changing institutions.
However, if you are not being offered a reasonable rate, it might make sense to switch altogether. Our team will assist you in determining what’s best for your renewal – whether that’s going through us or staying put. We appreciate the call regardless.
Our staff can secure and hold rates and approvals for up to 4 months so putting some attention into your renewal sooner than later is best. If your renewal date is May 5th, we can secure your approval as early as January 5th. Using a rate hold gives us lots of time to get everything in order for your renewal date so the transition is smooth and effortless.
And best of all, if rates drop when it comes time to facilitate the transfer, we will get your rate adjusted downwards. If rates go up, you will keep the rate we secured for you. Win-win!
If your renewal is coming up, call us to discuss your options. We can’t wait to hear from you!