Is your mortgage up for renewal? Here's what you need to know.
Number one. I get asked this question all the time. You do not have to requalify for your mortgage at renewal. It doesn't matter if things have changed in your life. No new documentation and no new credit is required in most cases, as long as you're staying with your existing lender.
Number two, you never sign anything that your bank has sent you before contacting a mortgage professional to make sure that it is the most competitive rate. Most banks will not offer you their lowest rate and hope that you don't know any better. Call our team and we will help you negotiate.
Number three, which is really cool. At renewal, you no longer need to qualify using the stress test, making it even easier for you to shop around and make sure you are getting the very best rate.
Give our team a call if your mortgage is up for renewal. We want to help you.
