Mortgage Blog
Tips For Better Renewal
September 12, 2024 | Posted by: Sarabjit Dhuna
Rates are finally falling down. However, it's still long way to go. If your renewal date is just around the corner then don't accept the rate first you get. Here is the guide for getting better renewal
Tips On getting better renewal
When you get new renewal offer from bank or lender then don't accept it
When bank or lender offer you rate, they always expect that you accept the offer. However, I would suggest shop around or negotiate with current lender so, always negotiate rate that they offer.
Always Shop around the interest rate you may find better interest else with different lender. We can give you best rate possible according to profile which includes Credit score, LTV and income.
Use Mortgage Broker Service
When you use Mortgage broker service then there is high chance that your credit score will be less impacted compared to going to different lenders.
When Different lenders pull up your credit report then you will see many hard checks in your profile and that can lead to credit score decline.
It's not always about Interest rate. Switching to another lender or product can save you lots of money
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Find right lender to help you to get best deal possible with terms that you prefer.
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Find the lender who offer lower pre-payment penalties than big 5 bank who can cost hundreds or thousands less if ever need to break terms and move to different lender
Don't wait at the last date of renewal
Most of lender usually give renewal offer several months away from the renewal date. Make plan and shop around in advance to get best rate possible.
