When your current mortgage term ends, your lender will offer you a renewal. This is a critical moment: you can simply accept their offer, or you can explore the market. Switching means moving your mortgage to a new lender, often for a better rate or more suitable features. A renewal specialist helps Maple Ridge homeowners navigate this, comparing offers and potentially negotiating on your behalf to ensure you're not leaving money on the table or missing out on terms that better fit your evolving financial landscape.
When should I start thinking about my Maple Ridge mortgage renewal?
It's wise to start exploring your options 4-6 months before your current term expires. This gives you ample time to compare and make an informed decision without feeling rushed.
Will my current lender automatically offer me the best rate?
Not always. Lenders often present a standard renewal offer. There may be better rates or terms available, especially if you work with a mortgage broker who can access multiple Maple Ridge lenders.
Are there costs involved in switching my mortgage to a new lender?
Potentially. These can include appraisal fees, legal fees, and discharge fees. However, sometimes the new lender covers some costs, or savings from a lower rate outweigh them. We'll help you assess this.
What if I just want to stay with my current lender but get a better deal?
We can still help. By knowing what other Maple Ridge lenders are offering, we can often negotiate a more competitive rate or better terms with your existing institution on your behalf.
How does a mortgage broker get paid for helping with renewals?
In most cases, for a straightforward renewal or switch, the lender who ultimately gets your business pays a commission to the broker. This means there's typically no direct cost to you for our services.