Renewing Your Mortgage

Generally it is a good idea to start shopping for a new term between four and six months before your current mortgage term expires. Many lenders send out your renewal letter very close to the time that your term expires and this does not give you ample time to arrange for a mortgage term through a different lender. This means that you need to be tracking your own mortgage term timeframe and know when it is time to start shopping for a good mortgage renewal rate.

Since your term is ending, this is a great time to shop the market or redo your mortgage without a penalty! If you have been wanting to switch your mortgage from fixed to variable-rate, or vice-versa, or want to move to a different lender or try for a lower rate, Atlas Mortgage Group can help! With access to over 30 lenders, we can compare mortgage rates and products and help you make the switch.

A down payment is the amount of money you need to put down on your new property. The ideal down payment for purchasing a home is 20%, however you can purchase a property with as low as 5%. It is important to note that any potential buyer with less than a 20% down payment MUST purchase default insurance on the mortgage. If your down payment is coming from funds of your own, then a history on all funds must be submitted with your mortgage application. If your down payment, or a portion of your down payment is a gift from a family member, a signed gift letter is required.

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