A mortgage broker in St. John’s says it’s important to do your homework early and not wait until the last minute if your mortgage is coming up for renewal.
The federal government included what it terms as a “mortgage calculator” in this week’s mini budget aimed at improving communication between lenders and mortgagees.
Leslie Penney, the owner of East Coast Mortgage Brokers, says people are doing whatever they can to keep payments as low as possible amid some of the highest interest rates we have seen in decades. Their current rate is probably lower than the best rate that they can get now.
Photo via lesliepenney.ca
The trouble is, their rate is probably very low so they might have to extend the amortization period to keep the payments the same,” says Penney.
He stresses the importance of beginning the renewal process with lots of lead time.
He says to reach out to your mortgage holder because they may not be aware of your particular circumstances and whether you need some type of relief measure.
