Synergy Credit Union - 3 tips about Mortgage Renewal

1. If it is time to think about renewing your mortgage, begin by comparing your financial situation and lifestyle now to when you first took out your mortgage.

Have you been struggling with your mortgage payments?
Or has your income increased so you can pay off your mortgage sooner, and save yourself from paying thousands of dollars in interest?

2. Know about the options available on your mortgage and the additional opportunities you may have from increased equity in your home.

Is now the time to do a major renovation and finance it through your mortgage?
It is important to check out factors such as prepayment options, terms, if the rate is fixed or variable, and whether the mortgage is open or closed.
Consider reviewing your mortgage early and get the best rate* for you. Have a chat with your lender ahead of your mortgage renewal. If the rates go up within 120 days (approximately 4 months) before your renewal, your lender might be able to get you the best rate* during those 120 days. Remember, too, that rate is important, but it is not the only thing to consider.

3. Our last tip is to get to know your mortgage lender and let them get to know you.

Relationships are important, and can work to your advantage for loans, mortgage protection and other services.
It can be especially important if your financial situation changes.

*The mortgage renewal rate may not be the posted rate; mortgage renewal may be subject to approved credit.

Mortgage Switch Program

Ready to move? Are you looking at different mortgage options? We will pay up to $1,500 of the fees associated with moving your mortgage.

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Mortgage Pre-Approval Form

A mortgage pre-approval is a great first step in your homebuying journey. By being pre-approved, you can confidently begin your house search.

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