Article provided by Jenn Price-Locke
If your mortgage is coming up for renewal in 2023, it’s time to start to strategize.
Why wait until your lender contacts you with a renewal offer when you can protect yourself now? Did you know that approximately 60% of Canadians simply sign back a renewal option with their current lender without exploring their options?
You DO have options, so why not learn what those are?
We know that rates are now higher than what you’re currently paying, and they will remain inflated for the next year or so. By starting the process early, we can figure out what your new payments might look like and look at various scenarios that meet your specific needs.
If you’re concerned about what higher interest rates mean for you, let’s have a conversation and figure out a plan so you’ll have peace of mind. We can explore length of term, amortization periods, rolling in extra debt etc. No one’s situation is identical, so especially during these volatile times, it's important to take a deep dive into your options and really understand what’s available to you. This is something a Broker can do, whereas a Bank is limited to one set of products.
Once we devise a plan and submit an application, your rate is protected for 120 days. If rates drop before closing, you’ll get the lower rate. If rates climb before closing, you’ll be safe.
Anything can happen in 4 months (as we’ve seen first-hand over the past couple of years!), so be proactive and protect yourself now.
It’s never too early to start the conversation about your options for your mortgage. Let’s connect for a free, no-obligation consultation. My services are free for Prime mortgages. I’m local, easily accessible and always happy to help.
If you'd like to review what all of this could mean for you or anyone you know, reach out for a FREE consultation.
Download Jenn's My Mortgage Toolbox app for additional support with premium tools to help plan your mortgage.
Ready to apply? You can do so online here.
