If you currently have a mortgage I have some great news for you! Renewing your mortgage early could actually save you thousands. If you have a mortgage, you have a mortgage term. The mortgage term is the time before your mortgage comes up for renewal. People have been taking advantage of renewing ealry for the past 5 years due to rates being typically much less than what they signed up for 1-5 years ago.
If you don’t think that you have enough equity in your home to refinance, I have good news. This is not a refinance, it is purely a switch/transfer. That means no new money is coming out, you are simply taking your current mortgage and switching it over to a different bank with the same amount but at their new rates.
What’s the catch? Payout penalties.They can be a deal breaker in some scenarios and not make it worth while, but in a lot of cases recently it is definitely worth it despite the penalty.
If you have an interest rate over 3% it is worth your while to look into renewing your mortgage. The money you save on the renewal can go towards cutting down your amortization on your mortgage so you can save even more or be used for a vacation or other personal uses!
Please feel free to contact me if you have any questions about renewing early or would like me to look into your personal renewal situation to see how much money you can save! Email me at firstname.lastname@example.org
Thanks for reading,