A question I hear often is in regards to mortgage renewals – how long before my maturity date should I be shopping for a new mortgage?
First – I can do the shopping for you! I encourage clients to look around and see what is available, especially from their current lender, just to get a feel of what kind of mortgage rates and products are being offered at that time.
The best rates can be held 120 days prior to your maturity date. Since we want to ensure the rate is locked in as soon as we are able to, it’s best to have the application completed and ready to go prior to this date. Then, once we hit that 120 day mark, we can secure that great rate and keep shopping for the next 3 months to see if rates drop. Remember to keep in mind that the lowest rate is not necessarily the best product to suit your needs, I’ll keep your needs and wants at top priority to get the perfect mortgage for you.
Many lenders offer what are called ‘Quick Close’ specials, where if the mortgage is funding in 30-45 days the rate is much lower than other published offers. An approval can always be obtained from a different lender and we can move as many times as required, as long as you’re locked in you can relax and leave the work to me!
Got a mortgage question? I have your answer!