To Stay or Not to Stay!
To Stay or Not to Stay is the question many home owners ask themselves when trying to decide whether to stay or not to stay with their current lender or to go to a new lender when its mortgage renewal time.
With mortgage interest rates at all time lows it makes more sense than not to consider switching your mortgage to a new lender who has a better rate than the rate your current lender can offer you at renewal time.
However most consumers do not consider this fact and do not know that it is not as cumbersome and even pretty well free to switch your mortgage from one lender to another. Many Banks and mono-line lenders have promotions that cover the cost of the client switching their mortgage to the new lender.
It is for this reason that you should consult with your trusted mortgage broker or agent, when considering to stay or not to stay with your current lender, so that he or she can assess your current situation and figure out if it is worth it for you to either stay or move your mortgage. Sometimes after doing the calculations the mortgage professional will advise you that it is not worth your time and money to switch and better to just stick with your current lender, and other times the mortgage professional will advise you that it is in fact beneficial for you to switch your mortgage to a new lender due to their lower rates and other promotions.
The most obvious reason to switch
The most obvious reason to switch your mortgage would be for many the lower mortgage interest rate that the other lender is offering. But there are other reasons why people switch their mortgage, such as not being happy with the service levels of the current lender, and wanting to take advantage of the mortgage products the other lender has to offer that the existing lender does not have.
The most obvious reason to stay
Perhaps the most obvious reason to stay with your current mortgage lender at renewal time is because of the relationship that you have developed with them throughout the years of your mortgage with the lender. Some home owners who have mortgages with the big banks want to stay with them at renewal time to take advantage of the other bank products that they may potentially be able to get approved for and receive discounts on for staying with the bank.
At Trusterra Mortgage we are here to answer your questions and help you make the right decisions when it comes to your mortgage. Don’t hesitate to Contact Us!