1. Have you explored all your options?
Once you receive your mortgage renewal statement, there’s
nothing easier than simply signing on for another term.
But while this may makes sense in many cases, your
family or financial situation may have changed over time.
We can look for opportunities that could better meet your
needs right now.
2. Are you comfortable with your payments?
If you’ve been feeling financially strapped each
month making your mortgage payments, this could be the
time to reduce them to a more easily managed level.
On the other hand, if you’re earning more, why not pay
down your mortgage faster and save thousands of dollars
in interest over time?
3. Do you need cash flow for other things?
Your priorities may haveshifted since you first bought your home,
and your cash flow needs can shift too. Things like paying for a
child’s university education, planning a career change,
or a major purchase such as a vacation property may
call for spending money on things other than your
home. You may be able to refinance your mortgage to
take this into account.
4. Can you handle fluctuating rates?
Some homeowners are nervous about any hikes in
interest rates, while others are comfortable to go with
the flow. Rates are tough to predict. It’s best to base your
decision on your personal situation, not what you read
in the news, and tailor your mortgage renewal around
your needs. We can help you decide whether to opt for
fixed or variable rates — and we don’t want you to lose
any sleep over your decision!
5. Will you sell soon? If you are likely to sell
soon, consider a shorter-term mortgage or one that has
flexible terms so you’re not penalized if you sell your
house before the mortgage comes due.
6. Are you thinking about a major renovation?
You know that projects such as a new kitchen or
an addition can make your home more valuable. But
the cost of having the work done can tie up a lot of
money. Before you renew, look at all your financing
options, which may include getting an additional line
of credit or keeping your monthly mortgage payments
low so you have money on hand to finance the renos.
7. When do you want to be “mortgage-free”?
If you’re planning extended time away from work or
perhaps an early retirement, it may make sense to pay
down your mortgage sooner rather than later. While
increasing your payments will raise your monthly costs
now, you’ll ultimately save on interest in the long term and
can prepare for that fabulous, mortgage-free lifestyle.
8. Could you use your home equity to fulfill other goals?
Refinancing a mortgage can be one way to free up cash you
need for other things, which could even include buying another property.
Mortgage renewal time is an ideal occasion to review all your options.
9. Have your insurance needs changed?
If your financial situation has changed since you first took
out your mortgage, review whether you need the same
level of insurance in place to cover mortgage obligations.
10. Are you getting the best rates and
terms? In a competitive mortgage environment,
your good credit history can make refinancing work to
your advantage. We analyze mortgage markets daily to
ensure you don’t miss any money-saving opportunities.
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