Late for mortgage renewal

Late for mortgage renewal and looking to minimize the expense to change to a better rate?

If you or someone you know ever find in this situation the alternative seems to be to “Opt for a short-term open mortgage and escape as quickly as possible”  you might want to consider or ask the following before taking a decision:

May I help you with your mortgage?

 

• Short term open mortgage may come with all or some of the borrowing costs:
  • Appraisal
  • Lender fee
  • Broker fee
  • Cancellation penalty
  • Mortgage Insurance
• Will your short-term mortgage payments include principal and interest or interest only
• New mortgage terms also mean new amortization charts where the first payments are normally more interest than principal in the case of principal and interest mortgages.
• Are you looking to free your cash flow from a short-term tight budget?

Not always lower rates mean lower cost.

To have the above factors considered in your decision, the best is to have your mortgage assessment practiced.