Before Renewing a Mortgage, Contact John Antle to Learn More About Your Options
At the end of your existing mortgage term, your current lender will hope to renew your mortgage. This is the perfect occasion to re-evaluate your mortgage contract and consider other mortgage options with a new lender.
John Antle – Meeting Mortgage Needs in Kelowna and Beyond
At John Antle Mortgages, we understand that the decision to refinance to a larger mortgage loan is a major one. That’s why our experienced mortgage brokers are here to create a customized plan that considers all of your financial needs and goals.
Whether you’re looking to renovate your home, consolidate debt, or take care of other major expenses, we can help you find the right refinancing options to fit your specific circumstances. With our expert advice, we can make the mortgage renewal process easy and stress-free, so you can focus on achieving your financial goals. Contact us today to learn more about how we can help you with your refinancing needs.
Frequently Asked Questions About Renewing Mortgage Conditions
Have questions about mortgage renewal options? Want to become mortgage-free faster? Read our frequently asked questions to learn more, or simply complete the contact form to set up an appointment with a John Antle Mortgage Professional.
How long before my mortgage renewal date should I contact my mortgage broker?
It is recommended that you contact your mortgage broker three to four months ahead of your mortgage renewal date. Your mortgage broker will provide you with options and advice on things such as mortgage rates, payment frequency, prepayment penalties, and other mortgage conditions. Your broker can also provide you with a long-term interest rate hold, which can be highly advantageous when you finally renew your mortgage.
What personal goals should I consider when I renew my mortgage?
Many things can occur over the course of your amortization period that might make you want to review your mortgage payment schedule. Anything from a potential move to changing income or retirement can make your current mortgage situation undesirable. Whether you want to pay off your mortgage sooner or leverage your home equity for new financing from the same lender, a John Antle Mortgage Professional can help you navigate the process.
Is there a way to pay off a large amount of my outstanding mortgage balance on my renewal date?
Yes! This comes up as one of the top mortgage renewal tips because your lender will not charge you a prepayment fee penalty at this time. You are free to make a lump sum payment of any amount you wish.
Can I adjust the amount of my mortgage payments on my renewal date?
Yes, when your mortgage renewal date arrives, it is a great time to consider your payment options. Perhaps you wish to increase your payment amount to pay off your mortgage faster or change the frequency from a monthly mortgage payment to a bi-weekly payment.
If my mortgage is renewing, is this a good time to look at changing lenders?
Yes, when you are renewing, it is a great time to look at interest rates offered by other financial institutions and lenders. You may be offered a better interest rate and terms with a new lender. Remember, if you decide to switch lenders, your mortgage broker must submit an application for approval.
What is the difference between a fixed-rate mortgage and a variable interest rate mortgage?
A fixed-rate mortgage has an interest rate that stays the same throughout the entire term of the loan, while a variable interest rate can fluctuate based on market conditions. Both options have their pros and cons, and choosing the right one depends on your financial goals and circumstances. A John Antle Mortgage Professional can help determine which option is best for you.
Can my mortgage renewal be denied?
There could be a situation where your mortgage application for renewal is denied by your lender. For example, if there have been late payments made, your lender could decline to renew your mortgage account. However, if you have made your payments on time and as agreed, there should be no reason to worry.
What can I do if my mortgage renewal is denied?
Contact your mortgage broker who will provide you with advice, and will submit a new application to a different lender. There are options available in Canada for people with an unfavourable credit history.
Contact Us
Our Exclusive Suite of Products
At John Antle Mortgages, we understand the importance of financial stability and long-term planning. Our team is dedicated to working with you to achieve your goals, whether it’s paying down your mortgage faster or generating rental income to make headway on your amortization. We believe exploring all available options is the best way to make informed decisions that align with your financial goals, and we’re happy to discuss your options with you.
As your trusted Kelowna Mortgage Broker, John Antle can help you explore a range of possibilities beyond traditional banking products. With years of experience in the mortgage industry, our professionals can help you discover new options and choose a mortgage solution that is tailored to your unique needs and financial situation. Whether you’re looking to secure your first mortgage or renegotiate the terms on an existing property, we are here to help.
Call John Antle Mortgages in Kelowna today and let’s get started!
