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Renew Your Mortgage

Renew Your Mortgage

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      Renew Your Mortgage with Home Mortgage Care

      Secure the lowest interest rates, reduce your monthly payments, and enjoy the flexibility of a customized payment schedule. At Home Mortgage Care, we believe you shouldn’t just renew your mortgage — you should renegotiate it for better terms.

      How Our Mortgage Brokers Can Help

      Our experienced mortgage brokers work with numerous lenders to help you find the best loan terms. We’ll assist you in comparing crucial factors such as:

      • Interest rates
      • Lender fees
      • Annual percentage rates (APRs)
      • Monthly payments

      4 Things to Evaluate Before Renewing Your Mortgage

      Mark your mortgage term’s maturity date on your calendar and then count back 120 days (~4 months). This is when most lenders will allow you to begin the early renewal process without incurring a prepayment penalty. This window gives you the opportunity to renew with your current lender early if desired.

      If you’re not ready to meet with your mortgage broker or lender right away, use this time to start researching your options online. By comparing mortgage rates, prepayment terms, and other conditions from different lenders, you’ll be well-prepared to negotiate the best deal when it’s time to renew.

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      Consider Your Financial Goals

      Over the course of your mortgage term, your financial goals may shift. Whether you’ve received a promotion, experienced a change in income, or even retired, it’s essential to reassess your financial situation as you approach your mortgage renewal. At Home Mortgage Care, we can help ensure your mortgage aligns with your current and future goals.

      Be Ready to Renew in the Last 30 Days

      Your lender is required to send you a renewal statement at least 21 days before your term ends. However, many lenders will send a renewal offer for their lowest posted rate about 30 days before maturity. Be ready to evaluate whether this offer aligns with your needs or if there are better options elsewhere.

      Make a Decision

      After comparing rates, considering your financial goals, and receiving your current lender’s renewal offer, it’s time to make an informed decision. With Home Mortgage Care, we help you find the most favorable terms and guide you through the process, ensuring you get the best mortgage renewal for your circumstances.

      Contact Home Mortgage Care to discuss your mortgage renewal today!

      Frequently Asked Questions

      You should start to think about the mortgage renewal process at least 120 days before your current term ends. This gives you enough time to assess your financial situation, compare offers from different lenders, and negotiate the best rate and terms for your next term.
      A mortgage renewal statement is a document your lender sends outlining the remaining balance on the mortgage, interest rate, term length, and any other additional charges or fees. This is sent along with your renewal offer at least 21 business days before the end of your current term.
      If you do not take action before the end of your term, some lenders may automatically renew your mortgage to a shorter term with standard rates, which carry higher interest rates.
      Lenders can often turn down mortgage renewal requests if homeowners have missed payments, especially over 90 days, as the missed payments will be recorded on the lender’s quarterly statement. However, lenders will evaluate your financial situation to see if you have taken on more debt than they believe you can manage or if you’ve been affected by a household income loss. They will also review your credit score for any declines or look for adverse changes in your employment status. Lenders usually pay close attention to the homeowner’s payment history when renewing a mortgage. If the lender uncovers any concerns regarding your financial health, they may choose not to renew your mortgage. Lenders will do a soft credit hit from time to time as you hold credit with them – this gives the details they need to evaluate your credit history, mainly during the time you missed your mortgage payments.

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