Mortgage Renewals in Oakville
You'll need to renew your mortgage if it reaches maturity with a remaining balance. If you are in the midst of renewing your mortgage, you can count on the brokerage services of eMortgage Solutions.
Our mortgage experts will help streamline the process. We'll ensure that your mortgage is renewed in a timely manner, completing the application well in advance of the term's end. Whether you renew with your current lender or choose to switch providers, you can depend on us.
To schedule a mortgage renewal consultation, call us today at (416) 258-0156.
How Do Mortgage Renewals Work?
A mortgage renewal is a very simple process: it is necessary when your current loan has reached maturity, and there is an outstanding balance. Your mortgage lender will typically issue a renewal statement 120 days in advance of the term's end.
A mortgage renewal is a great opportunity to consider your present and future financial circumstances. You can opt for new payment amounts and interest rates, seeing affordable options that will make you a successful homeowner. Our mortgage brokers will help you take a proactive approach to your renewal and will make every effort to keep you informed throughout the process.
Can You Be Denied a Mortgage Renewal?
You can be denied a mortgage renewal, but it not likely. If you have kept up with your regular mortgage payments and are in good standing with your lender, it is almost certain that your mortgage renewal will be approved.
Clients who choose to apply with a different lender do incur the risk of being turned down, as with any other financial application.
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Do I Have to Choose the Same Lender for My Mortgage Renewal?
Most mortgage holders do choose to remain with the same lender for the next term of their mortgage. However, this isn't necessary. You can choose any lender you want to complete the remainder of your mortgage.
Switching lenders provides the opportunity to explore other options such as lower interest rates as well as other incentives. eMortgage Solutions will present all your options for prospective lenders upon consultation.
How Early Can I Renew My Mortgage?
The answer is usually as early as possible. However, 120 days tend to be standard in the industry. Making the arrangements for your renewal, as early as 3 months, allows the chance to lock-in interest rates without resulting penalties.
Schedule your consultation with our brokers to explore all your possibilities without being rushed. We'll have everything completed on your schedule.
Is Renewing Your Mortgage the Same as Refinancing?
Refinancing your mortgage is swapping out your current conditions for entirely new ones and can be done at any point during a mortgage term. Mortgage renewal can only be done as early as 120 days before the end of a mortgage term.
We can provide you with invaluable advice and guidance concerning both refinancing and renewing your mortgage.
The Mortgage Brokerage Firm You Need
Renew Your Mortgage Today!
If you reside in the Oakville area and are completing a mortgage renewal, look no further than eMortgage Solutions. Our team has the expertise and resources you need. Call us at (416) 258-0156 to make the most of your renewal.