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Mortgage plans renewal is the process of taking your outstanding balance then renewing it for the next or new term. However, there are things to bear in mind when undergoing this process. Read this article to know more. Assess Your Present Financial Status
Before signing for a mortgage plan, you must first assess or review your present financial status and goals. Be sure that your insurance provider offers mortgage products that fit your needs. For instance, when having a five-year contract with a fixed rate, the renewal will be most probably for another five-year one. If you think you are staying in that place for that period, then you can go for it. If not, you can downsize, especially if you have plans to move to another city in the next couple of years. Start Buying Early The question is, when is the right time to renew the mortgage plan? You can do it a few months before the maturity date. But it's also recommended to do it even 120 days before maturity. It is to make sure that you are ready and can negotiate with a better policy offer. It will also give your broker time to advise and provide you an appropriate product. Ask For Better Mortgage Offers It may seem easy for lenders to give you a mortgage renewal slip. But you have an opportunity to negotiate your mortgage rates. Ask for better options because it is essential to get the best prices through proper negotiations. Suggest Rate Hold If Necessary When seeking for better rates, one strategy is to ask your broker or agency for a rate hold. Rate holds secure you from increasing interest rates in 120 days. You don't need to worry when coverage rates go down during that period. Negotiate with that lower rate because to avoid any price increase when it's time for renewal. Consider a Time to Switch Lenders When deciding to switch lenders, you may wonder when to start finding remortgage? You must do it as soon as possible. Submit a mortgage application immediately since it takes a week or so to process the request. Thus, remember to leave some interval as you start going into this processing. Want to make the most out of your future goals? Get mortgage term insurance from your trusted agency and make your plans come true. At Anacapa Insurance Services, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (800) 578-8581 or Click Here to request a free quote.
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