richardtowns
New Member
Cash: $ 0.70
Posts: 3
Joined: 18 Aug 2016
Location: Toronto |
mortgage renewal |
|
|
I was reading an article here https://www.butlermortgage.ca/mortgages/mortgage-renewal/renewal-time . It was about mortgage renewal and how we can make benefits by renewing mortgages at a new interest rate.Do we need to consult mortgage broker for doing this? or can we directly approach the bank directly? If somebody knows about its procedure, please share the details.
|
Thu Aug 18, 2016 9:29 am |
|
|
Publius
Preferred Member
Cash: $ 31.00
Posts: 151
Joined: 12 Oct 2012
Location: Georgia |
You can approach your current lender and ask for a refinance. But they might not have the bet rate. As long as you are making a change, I would at least shop other offers so you have something to bargain with.
|
Thu Aug 18, 2016 11:33 am |
|
|
GardenCat
Full Member
Cash: $ 12.80
Posts: 63
Joined: 07 Dec 2014
Location: Colorado |
You may be able to do a "recast" with your current lender. This will work if you have some money to put towards your mortgage as a principal payment (it may have to be $10K or more) and at that point they would do a new amortization schedule with your current timeline and new balance. It will likely lower your monthly payment...
There will be details you will want to discuss with your lender...
|
Wed Aug 24, 2016 7:02 pm |
|
|
richardtowns
New Member
Cash: $ 0.70
Posts: 3
Joined: 18 Aug 2016
Location: Toronto |
Thank you for the replies
|
Wed Aug 31, 2016 6:17 am |
|
|
Deen888
Senior Member
Cash: $ 41.60
Posts: 203
Joined: 14 Feb 2018
Location: Los Angeles |
I am here just with the same issue, I never took a loan or a mortgage in my life, but seems like I need a good lender now. NewRez seems to be not bad company, here https://newrez.pissedconsumer.com/review.html are the reviews from the clients, probably someone is interested, too.
|
Wed Feb 09, 2022 7:44 am |
|
|
|