If your mortgage is up for renewal, you must submit a bank statement of at least three weeks before the term expires. When you receive your mortgage renewal statement, it will contain a large amount of information. Time for the extension of the mortgage can be as stressful as when you first signed your mortgage but it can be a wonderful financial opportunity.
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With today's busy life, people often just signed their forms without giving them a second thought. This is where a mortgage broker can help your mortgage renewal. There is absolutely no rule that says you have to stay with your current lender or that you have to modify your mortgage, but why not see the option?
If you see an option for an extension of the mortgage, there are several things to consider. For starters, your bank will charge you if you decide to switch to a different financial institution. You also may need to get your home appraised and fees paid to obtain credit in the new bank.
If interest rates have dropped dramatically, an extension of mortgage allows you to sign a mortgage with a lower level that will help you in the long run. mortgage brokers and another financial advisor can help you determine whether an extension of the mortgage is the right step for you. Depending on your current mortgage, changing the lender or get a new interest rate might not be right for you.