Your renewal letter is an opening offer
Tyler SomersMortgage Agent
A few months before your term ends, your lender sends a renewal letter with a rate and a line to sign. It is convenient, and many people sign it without comparing.
The rate in that letter is where your lender starts. It is not always the best one it can offer.
When the letter arrives
- Note the renewal date. On that date you can usually move to another lender without a penalty.
- Ask what else is available. The first rate offered is not always the lender’s best.
- Compare the whole mortgage: the rate, the prepayment options and the penalty to break it.
Start early
Call four to six months ahead. Many lenders hold a rate for up to 120 days, which leaves time to compare without rushing.
Send me the letter and I will tell you how it compares. Book a call.
General information, not advice for your situation. Rules and rates change. Call me and we will look at your numbers.