Got a mortgage renewal coming up in the next six months? Now’s the perfect time to take the wheel on your financial future! A lot of people wait around for their lender to reach out with a last-minute offer—but here’s the thing: that offer isn’t always your best one.
Instead of scrambling later, why not start exploring your options now? You could lock in a better deal, get ahead of any surprises, and maybe even uncover opportunities you didn’t know were on the table. Future you will be high-fiving you for it.
At Skip the Bank, we’re here to help you navigate the mortgage renewal process smoothly and strategically. Here’s what you should be thinking about as your renewal date approaches:
Are You Getting the Best Offer?
For most people, the mortgage renewal process is a simple one—they receive an offer from their bank, and they sign on the dotted line. However, this approach might not always be in your best interest, especially if you have outstanding debt. The bank’s primary focus is to retain you as a client, and while they may offer a new rate, they’re unlikely to address the broader financial picture, such as integrating your debt into your mortgage.
This is where working with a mortgage center like Skip the Bank can make a big difference. Instead of just renewing your mortgage, you can look at your overall financial situation, including managing any existing debts.
How Debt Consolidation During Mortgage Renewal Benefits You
If you have high-interest credit card balances, personal loans, or any other outstanding debt, now could be the perfect time to consider mortgage refinancing to consolidate that debt into your mortgage. By doing so, you could lock in a lower interest rate on your overall debt, ultimately reducing your monthly payments and freeing up cash flow. Not to mention, consolidating debt with a mortgage allows you to take advantage of longer repayment terms, giving you more flexibility.
The benefit of working with Skip the Bank is that they can help you integrate your debt into your mortgage during the renewal process, which many mortgage lenders overlook. This can help you pay off your debt more effectively and secure a better rate at the same time.
Why Skip the Bank for Your Mortgage Renewal?
While mortgage lenders work hard to retain existing clients, they don’t always provide the level of personalized service you can get from a mortgage center. When working with a professional mortgage advisor, you get expert advice tailored to your unique situation. Rather than simply offering a one-size-fits-all mortgage renewal, they can help you shop around for the best mortgage rates from a wide range of lenders, ensuring you get a deal that benefits your long-term financial goals.
NOW May Be the Time to Lock in a Good Rate
With tariff impositions looming on the horizon, now may be the perfect time to lock in a good rate before conditions worsen. As tariffs can impact the economy and potentially cause interest rates to rise, securing a mortgage renewal or refinancing deal at a lower rate now could save you significant money in the long run. Tariff impositions could lead to higher costs across the board, and locking in the best mortgage rate now could protect you from those increases, giving you peace of mind as you move forward.
The Early Mortgage Renewal Advantage
Many people don’t realize they can renew their mortgage early. By doing so, you could lock in a better interest rate now rather than waiting for your renewal date. This strategy can help you save money in the long run, especially if rates are expected to increase. If you’re carrying debt, combining your early mortgage renewal with debt consolidation could be the ultimate way to set yourself up for financial success in the future.
A Smarter Path to Mortgage Renewal
While mortgage renewals through your bank might seem like the simplest option, they often don’t offer the full range of benefits you could receive through a mortgage center like Skip the Bank. With an opportunity to consolidate debt and lock in a favorable interest rate, you can save money and improve your financial outlook. And with the looming possibility of rising rates due to tariff impositions, locking in a good rate now could help you avoid paying higher interest rates in the future.
If you’re six months away from your mortgage renewal and want to discuss your options—especially if you have debt that needs to be addressed—reach out to Skip the Bank today. Whether you’re in Guelph or beyond, they can help you navigate the mortgage renewal process, explore mortgage refinancing options, and secure the best mortgage rates available. Don’t just renew your mortgage—renew your financial future with the expert guidance you deserve.
For more in-depth mortgage renewal advice, check out our comprehensive guide here!