Mortgage Renewal in Edmonton

Looking to renew your mortgage in Edmonton? Look no further than Mortgage Route. Our team of experienced mortgage professionals is dedicated to helping homeowners like you find the best rates and terms for your mortgage renewal.

Mortgage renewal in Edmonton is the process of extending the term of your mortgage. When your current mortgage term ends, you will have the option to renew your mortgage with your current lender, or to shop around for a new mortgage with a different lender.

There are a few things to consider when renewing your mortgage:

• Interest rates: The interest rate on your new mortgage will be one of the most important factors to consider. If interest rates have gone up since you took out your current mortgage, you may be able to save money by renewing your mortgage with a different lender.
• Prepayment penalties: Some mortgages have prepayment penalties, which are fees that you will have to pay if you pay off your mortgage early. If you are planning to pay off your mortgage early, make sure to choose a mortgage that does not have a prepayment penalty.
• Other fees: There are a number of other fees that you may have to pay when you renew your mortgage, such as appraisal fees and origination fees. Be sure to ask your lender about all of the fees associated with your new mortgage.

Once you have considered all of these factors, you can decide whether to renew your mortgage with your current lender or to shop around for a new mortgage. If you are not sure which option is best for you, you may want to speak with a mortgage broker.

Here are some tips for renewing your mortgage:

• Start the process early. You should start the process of renewing your mortgage at least 60 days before your current mortgage term ends. This will give you enough time to shop around for the best interest rate and to compare different lenders.
• Get pre-approved for a new mortgage renewal in Edmonton. Getting pre-approved for a new mortgage will give you an idea of how much you can borrow and what your interest rate will be. This will give you a strong negotiating position when you are talking to your current lender or to other lenders.
• Compare interest rates. Interest rates can vary from lender to lender, so it is important to compare rates before you choose a new mortgage. You can use a mortgage calculator to compare different interest rates and to see how much you will save each month.
• Ask about fees. There are a number of fees associated with mortgages, such as appraisal fees and origination fees. Be sure to ask your lender about all of the fees associated with your new mortgage so that you can make an informed decision.