Mortgage Renewal
Jackie Woodward will help you at every step of the process
What Is a Mortgage Renewal in Alberta?
A Mortgage Renewal occurs when your current mortgage term ends, and you choose a new term with your existing lender or switch to a different lender. Renewal is an opportunity to secure a better interest rate, adjust your mortgage structure, and potentially reduce your monthly payments.
Why Should I Start My Renewal Early?
Shopping for a new mortgage term about four months before your current one expires ensures you have time to compare rates and terms. Jackie Woodward will review your options, helping you secure the best possible rate and terms for your Alberta home.
How Do I Navigate My Mortgage Renewal Step by Step?
Review Current Terms:
Check your interest rate, payment schedule, and any early renewal penalties so you know where you stand before making decisions.
Compare Lender Offers:
Shop around or have Jackie compare rates and terms from multiple lenders to ensure you get the best deal.
Update Financial Information:
Provide recent income statements, employment verification, and any debt updates your lender may require.
Submit Documents Promptly:
Ensure all paperwork is completed and submitted on time to prevent delays and secure your new mortgage term seamlessly.
Mortgage Renewal FAQ
When should I start looking at renewing my mortgage in Alberta?
It’s best to start shopping 4 months before your current mortgage term ends to ensure time to compare rates and lenders.
Can I switch lenders during renewal?
Yes. You can refinance with a new lender for better rates, terms, or to incorporate home improvements.
How do mortgage renewals affect my monthly payments?
Monthly payments may change depending on the interest rate, term length, or any added renovations or refinanced amounts.
What is a Purchase Plus Improvement Mortgage during renewal?
It’s a program allowing you to include renovation costs into your mortgage, such as kitchens, bathrooms, or flooring, with a minimal down payment.
Do I need a broker for mortgage renewal?
While not required, a licensed broker like Jackie Woodward can help compare rates, explain your options, and secure the best terms in Alberta.
Happy House Hunting!
The Mortgage Girl offers mortgage services across Alberta, including Edmonton, Gibbons, St. Albert, Sherwood Park, Thorsby, Millet, Leduc, Stony Plain, Spruce Grove, Fort Saskatchewan, and surrounding areas, with the ability to assist clients anywhere in Canada.