Mortgage Renewal | Negotiate Terms For Alberta’s Best Rates

Quick Facts On Mortgage Renewal In Calgary & Morgage Term Length

● A Mortgage Term Typically Lasts Up To 5 Years, Even For A 30 Year Mortgage Product
● A Mortgage Renewal Must Be Processed Every Time A Mortgage Term Expires
● You Can Renew With The Same Bank Or Find A New Bank With Better Terms
● Your Bank Can Refuse To Renew If Your Financial Situation Has Significantly Changed For The Worse
● If Your Bank Refuses To Renew, They Must Do So At Least 21 Days Before The Term Expires
● Using The Mortgage Group Inc Associates Is How To Get The Best Mortgage Rates In A Renewal

Many people in Calgary don’t fully understand the mortgage terms they agreed to. One of the most misunderstood and feared processes in the life of a 30-year mortgage is mortgage renewal.

A Mortgage Term is generally about five years long, with the expectation you will renew it five times in the life of a 30-year mortgage product. So you should probably understand this straightforward process if you are going to go through it five times, right? 

If you read to the end of this post, you will feel reassured that there is nothing to fear about renewing your mortgage. However, you will also understand what is required to make this process as painless as possible.

The Mortgage Group Inc can help you get the best mortgage rates in Calgary if you contact us about your upcoming renewal.

An Opportunity To Resolve Painful Mortgage Terms In Your Favour

Mortgage Renewal is your opportunity to change banks, negotiate new terms with your current bank, or access additional financial products that make your day-to-day life more manageable. 

Most people think that banks have all the leverage during a mortgage renewal, but that’s just not true. Especially when you have a professional mortgage associate on your side from The Mortgage Group Inc. If you have great credit, a good job and no new debts, it is really you who has the leverage, even as a senior or young family.

When you contact us, we take on all the hassles associated with renewal and negotiations, turning it into a cost savings opportunity for you. Best of all, there is no out-of-pocket cost when you ask us for help.

We work with several banks which provide financing in the Calgary area, and we know how to find the best deals. It could take you weeks to speak with representatives from just a handful of banks. With our help, we can take care of it for you and save you time. Call us now for assistance.

How Does Mortgage Renewal Work?

Most lenders are open to negotiating a renewal when the mortgage term expires in less than 120 days. Four months before the end of your mortgage term, reach out, and we can assist you with the renewal process.

We recommend you leave the negotiation to a mortgage professional in Calgary. We skillfully negotiate mortgages for the best results. 

If you negotiated yourself and were denied a mortgage renewal or your interest rates are going up, your federally regulated banking lender must inform you of the denial at least 21 days before the expiry of the current mortgage term. 

That gives you enough time to contact us and have us find you a lower-tier lender with less stringent stress tests. In that situation, time is of the essence, and we urge you to reach out now. If you wait too long, we may not be able to fix your situation. 

How To Get The Best Mortgage Rates In Calgary, Alberta

Mortgage associates at The Mortgage Group Inc are specially trained professionals who have experience brokering mortgage renewals, reverse mortgages, traditional mortgages, refinances and more in the Calgary area.

Often, you will get amateur results if you research and negotiate the mortgage terms yourself. It is always recommended to use a professional to get the best mortgage rates and terms in Calgary.

Please contact us now for a consultation. You can do so through a site form below, by clicking contact us at the top navigation bar of this page, or by calling us now at (403) 571 – 8142

If you need help negotiating terms, give our mortgage advisors a call. Contact our team at The Mortgage Group Inc. here