Getting The Best Deal For Your Mortgage Renewal

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Getting The Best Deal For Your Mortgage Renewal
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• There can be many reasons for wanting (or
  needing) to renew your mortgage, from changes in
  your financial circumstances, to being
  dissatisfied with your existing lender, but
  whatever your reason, renewing can be a fantastic
  opportunity to make some much needed changes.
• Read on for more advice on how to get the best
  deal for your mortgage renewal
• Do your research
• Negotiating a lower rate for your mortgage is
  only ever possible if you know what other
  financial institutions are currently offering,
  and its important to remember that the rates
  that are posted, are not typically the lowest
  available.

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• Is what youre being offered now higher or lower?
  Working with a mortgage broker can help you
  separate the lenders and determine what is the
  best deal for you, right now.
• Be aware of the fine print
• While it might seem counterintuitive, the lowest
  available rate is not always the best option, and
  there may be penalties associated with selecting
  such a rate.
• By choosing the lowest rate, you might be blowing
  your chance of making extra payments, or even
  risk incurring a significant penalty for paying
  your mortgage early. Take the time to familiarize
  yourself with the fine print of your mortgage
  terms before accepting a renewal deal, and as
  always, talk with your mortgage broker if youre
  still unsure.

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• Watch out for amortization
• Getting a lower mortgage rate when you renew, but
  keeping your monthly payments the same, might be
  advantageous, as it can reduce overall
  amortization and help you pay your mortgage off
  sooner. Making a dent in your amortization is
  always worthwhile, and if you have extra funds
  available when you renew, why not put them
  towards your principal balance?
• Tap into your home equity
• Home equity could help you fund any number of
  projects and goals youve been meaning to work
  towards, from home renovations and debt
  consolidation, to funding further education, and
  if you want to take out some of your home equity,
  youll need to consult with your financial
  institution directly.

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• Seek help from a mortgage broker
• As mentioned in several of the points above,
  working with a reputable mortgage broker who has
  experience in your locality, can be helpful in
  several ways. Firstly, they can give you
  up-to-date advice and guidance that can prove
  invaluable when it comes to renewing your
  mortgage, and even get you a better deal than you
  might have had access to when searching
  independently. Swapping lenders can mean paying
  certain service fees, but with a mortgage brokers
  help, you can absorb those costs into the new
  mortgage or even have the lender pay them on your
  behalf.
• If its the right time for you to renew your
  mortgage, be sure to follow the advice given
  above to get the very best deal.

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• Mortgage-broker-Calgary is your best resource for
  finding a mortgage for your property. Luke Wile,
  is the best mortgage broker in Calgary and is
  proud to serve clients from across Canada, while
  being centered in Calgary, Alberta. Luke is proud
  to serve his clients with a personalized approach
  to finding his clients the best and lowest
  Canadian interest rates and terms offered by the
  major banks and private lending institutions. If
  you are looking for a Calgary mortgage broker,
  with Luke Wile you can get fast and personal
  expertise for your mortgage!