A new agreement to renew or extend mortgage terms with the lender is known as mortgage renewal. Mortgages are taken out for a specific duration. On maturity, you need to repay the loan. Mortgage renewal is a good idea, if your original mortgage terms are attractive and your lender is ready to continue with the same terms.
But more often than not, the interest rate for renewed mortgages is higher and you no longer have access to some of the options that you enjoyed earlier. Therefore careful consideration is necessary before signing a mortgage renewal contract.
Upon the maturity of your existing mortgage contract, you have a chance to switch to a lender offering better terms. Majestic Mortgage offers a wide variety of affordable mortgage solutions to suit different requirements. Our flexible low interest solutions can help you save a considerable amount of money in the long run.
Mortgage Renewal – A Great Opportunity to Save Money
Most people look at mortgage renewal as a crisis. This is especially true, if your total debt has increased or the value of your property has decreased. In such cases, you may be unable to renew the loan or you may have to pay much higher interest rates.
But the maturity of your original contract can be an opportunity to transfer the mortgage to a new lender offering much more favorable terms. Lower monthly interest and principal payments can make a significant difference in the amount of free cash available to you. You can use this extra cash to shorten the loan duration by paying more towards the principal or use it for other financial requirements.
Benefits of Your Money Matters Inc. Loan Renewal Solutions
In case your original mortgage expiration date is drawing closer, solutions offered by Majestic Mortgage is a great option to transfer your mortgage. We offer solutions that not only bring down your monthly payments, but also help you shorten the duration of your loan. We offer a wide variety of affordable and flexible solutions to suit different requirements.
If you are faced with a maturing mortgage and need help in deciding the best course of action, get in touch with our mortgage renewal specialists for a free consultation. You can discuss any matter pertaining to mortgages with our experts. To apply for mortgage renewal at the best rate and term,