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
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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
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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...