Renew, Renegotiate or Refinance

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If your mortgage term is ending soon, this is the article for you.

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Renew, Renegotiate or Refinance

  1. 1. RENEW, RENEGOTIATE OR REFINANCE? Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca
  2. 2. If  your  mortgage  is  up  for  renewal  within  the  next  6  months,  you   may  want  to  start  thinking  about  what  you’re  going  to  do  when   your  mortgage  term  ends.       Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?  
  3. 3.   While  you  could  renew  with  your  current  lender,  you  may  be   missing  out  on  potenHal  mortgage  interest  savings.  It’s  most   oJen  in  your  best  interest  to  see  what  else  is  available  for  you   before  you  sign  on  the  doKed  line  of  any  mortgage   commitment.       Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?  
  4. 4.   I  want  to  highlight  the  mortgage  opHons  you  have  at  renewal   Hme  so  you  can  make  an  educated  decision  on  how  to  proceed   into  the  next  term  of  your  mortgage. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?  
  5. 5. RENEW YOUR MORTGAGE WITH THE SAME LENDER If  you  don’t  want  to  make  any  changes  to  your  current  mortgage   amount  or  amorHzaHon,  a  simple  mortgage  renewal  could  be   the  soluHon  for  you.         Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?  
  6. 6.   RENEW YOUR MORTGAGE WITH THE SAME LENDER   Your  exisHng  mortgage  lender  will  usually  send  you  an  offer  to  renew   near  the  end  of  your  mortgage  term  or  maybe  sooner,  depending  on   your  lender.  This  document  will  contain  the  different  mortgage  term   rate  offerings  for  you  to  choose  from.       The  benefit  of  renewing  with  your  exisHng  lender  is  minimal   paperwork  is  required  as  most  oJen  you  are  not  required  to  re-­‐qualify   for  the  mortgage  and  there’s  usually  no  costs  involved  unless  your   lender  is  charging  you  a  renewal  fee.  This  is  ideal  if  you  just  want  to   sign  on  the  doKed  line  though  the  downside  is  you  may  not  have   iniHally  been  offered  the  best  rate  available.   Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?  
  7. 7. RENEW YOUR MORTGAGE WITH THE SAME LENDER  OJen  the  rates  are  negoHable  and  you  need  to  be  aware  you   don’t  get  what  you  don’t  ask  for,  however,  before  having  the   rate  talk  with  your  lender  do  some  research  first  to  determine   what  exactly  the  “best  rates”  are  for  your  current  financial   posiHon.   Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?  
  8. 8. RENEGOTIATE YOUR MORTGAGE WITH A DIFFERENT LENDER If  you’re  okay  with  your  exisHng  mortgage  amount,  though  want   to  make  changes  to  the  interest  rate  or  any  of  the  other  terms  of   your  contract  not  offered  by  your  current  lender  you  may  want   to  look  at  the  possibility  of  renegoHaHng  your  mortgage  with  a   different  lender.         Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?  
  9. 9. RENEGOTIATE YOUR MORTGAGE WITH A DIFFERENT LENDER   If  you’re  going  to  look  at  this  opHon,  be  prepared  to  provide   updated  mortgage  applicaHon  details  as  well  as  supporHng   documentaHon  to  your  new  mortgage  lender.  As  you  don’t  have   a  mortgage  repayment  history  with  this  new  lender,  they  will   want  to  re-­‐qualify  you  for  the  mortgage  which  will  also  involve   ordering  your  credit  report.       Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?  
  10. 10. RENEGOTIATE YOUR MORTGAGE WITH A DIFFERENT LENDER   Usually  a  mortgage  “switch”  doesn’t  involve  any  costs  charged   by  the  new  lender  as  they  will  cover  them  though  there  may  be   some  small  costs  of  $200-­‐$300  charged  by  the  lender  you  are   leaving.     Talk  to  your  mortgage  professional  about  any  costs  involved  to   renegoHate  your  mortgage  with  a  new  lender  as  there  are  some   excepHons.   Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?  
  11. 11. REFINANCE YOUR MORTGAGE   A  refinance  is  perfect  for  you  if  you  want  to  access  your  home   equity  at  renewal  Hme.         Refinancing  your  mortgage  allows  you  to  restructure  your   mortgage  amount,  term,  interest  rate  and  amorHzaHon.  If  you   have  sufficient  equity  available,  this  can  allow  you  to  pay  off   debt,  invest,  renovate,  and  more.         Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?  
  12. 12. REFINANCE YOUR MORTGAGE     There  are  some  costs  related  to  refinancing  your  mortgage   which  may  include  appraisal  and  legal  fees  though  they  usually   aren’t  as  high  as  what  you  paid  when  you  originally  purchased   the  home.       Some  lenders  will  also  offer  to  pick  up  some  of  the  costs  to  their   refinance  customers  or  offer  some  small  cash  back  amounts  to   help  reduce  any  out  of  pocket  costs  that  need  to  be  paid.  You   can  also  talk  to  your  mortgage  professional  about  paying  some   of  those  costs  from  your  refinance  funds  at  closing  Hme.       Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?  
  13. 13. REFINANCE YOUR MORTGAGE     The  next  step  is  deciding  on  which  of  the  3  ways  you  want  to   access  your  equity  at  renewal  Hme;     Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?  
  14. 14. REFINANCE YOUR MORTGAGE     1)  Restructure  your  first  mortgage  to  accommodate  the  extra   funds  you  want  out  of  your  home.   Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?  
  15. 15. REFINANCE YOUR MORTGAGE     2)  A  second  mortgage  will  allow  you  to  leave  your  first  mortgage   details  the  same,  but  access  equity  by  obtaining  a  2nd  mortgage   behind  your  1st  one.  Be  careful  though,  as  2nd  mortgages  may   come  with  higher  rates  and  possibly  fees.   Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?  
  16. 16. REFINANCE YOUR MORTGAGE     3)  Or,  if  you  qualify,  a  home  equity  line  of  credit  could  be  the   soluHon  you’re  looking  for.  It  can  be  registered  behind  your  first   mortgage  and  offers  a  variable  interest  rate,  an  open  term  and   interest  only  payments.   Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?  
  17. 17.   A  lot  can  change  during  the  term  of  your  mortgage,  including   income,  assets,  debts,  and  financial  profile,  among  other  things.     It’s  never  a  bad  idea  to  give  your  mortgage  a  check-­‐up  at   renewal  Hme  to  ensure  it  aligns  with  the  financial  goals  you  are   trying  to  achieve.       Don’t  be  afraid  to  explore  how  you  can  make  your  mortgage   work  to  your  benefit  by  partnering  with  an  experienced   mortgage  professional  on  the  perfect  financing  soluHon  for  your   specific  situaHon  right  now.   Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?  
  18. 18. Jackie Woodward // Mortgage Broker // TMG Visit: http://www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca RENEW,  RENEGOTIATE  OR  REFINANCE?   Mortgage Questions? Don’t  hesitate  to  contact  the  Mortgagegirl   Phone:  780-­‐433.8412   Email:  info@mortgagegirl.ca   Visit:  www.mortgagegirl.ca   Like:  www.Facebook.com/mortgagegirl.ca   Follow  @mortgagegirlca  

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