Quote:
Originally Posted by shane_c
Just curious what happens when it's time to renew the mortgage.
Our first 5 year term will be up next year sometime. Will we just get a letter in the mail to tell us our new payment? Do we get options as far as what term we want to do, variable or fixed, length, etc?
Do you have to go through qualifying again. In other words, they do another credit check, provide them with employment letters, bank account statements, etc?
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When does the mortgage renew?
As other people have stated what they will do is send you a letter giving you a number of options to choose from. DO NOT sign this and send it back to them. 9 times out of 10 it will be far higher rates than what you can get.
I would be more than happy to help you out through the procees. I can at least give you competitive rates to go to your bank with as a bargaining tool like I did for Bobblehead or I might be able to get you in a better mortgage than they are offering all together.
PM me and we can discuss your situation and figure out the best plan for you.