Renewing your mortgage in 2024. What you need to know:
1️⃣ Rates are likely higher now than they were when you got your current mortgage
2️⃣ This means that your new mortgage payments will be higher, regardless of what terms you go with
3️⃣ This doesn’t mean that you don’t have any good options. You need to know what’s happening in the current market, and what’s likely to happen in the near future.
4️⃣ Mortgage rates are likely to start coming down soon. This means you should set yourself up to take advantage.
5️⃣ You can go with a shorter term (1-3 years instead of 5) if you want to get into a lower rate sooner with the coming rate cuts
6️⃣ You can go with a variable or adjustable rate mortgage instead of a fixed rate if it’s a good number
7️⃣ You DON’T need to go with your current lender. Another lender might get you way more value for your situation. It just takes some research (which I can do for you).
8️⃣ Your best option really depends on your situation and what lenders will offer you. A higher rate might make more sense if it’s adjustable, or vice-versa on a longer term.
9️⃣ Consider things like monthly cash flow, other debts, future financial goals (like other investments). You can tie these into your mortgage payment plans.
Renewals are times for opportunity. Your situation is different now than it was when you got your mortgage.
Set yourself up to better your current situation while taking into account the next 1-5 years of your mortgage term and where the market is likely heading.
Come to me FIRST if your mortgage is up for renewal this year.
I can do all the work for you so you’re getting the best possible mortgage product.
Call me and we can get that initial conversation started!