I just got a mortgage renewal letter, I'm on a 5 year fixed interest plan. Reason it's my first time is I've had several changes over the years such as switching banks, where I basically opened it prematurely so it reset the renewal date. Going to be going from 3.46% to 3.49% so not really a big jump. Is it a standard procedure to try to negotiate that down, or is there anything else I could be interested in doing during the renewal period? I know if I wanted to I could dump a large sum of money or change payments etc but other than that, anything else I should know?
I don't want to switch banks, either. I'm with a local "Caisse" which is basically like a credit union, and don't want to go back to the big banks. I usually get money back from them at the end of the year based on their profits. Got a bit over $300 this year. So that's cool. Not a lot of banks will do that.
I'm probably going to just let it renew as is, but I just want to make sure there's not something I'm missing out on that I should be doing during this period where it's open.
Also their estimate shows I have 7 1/2 years left to pay. That's actually much better than my estimate, figured I still had 10 years. I could have it paid off before I turn 40, at this rate.
I don't want to switch banks, either. I'm with a local "Caisse" which is basically like a credit union, and don't want to go back to the big banks. I usually get money back from them at the end of the year based on their profits. Got a bit over $300 this year. So that's cool. Not a lot of banks will do that.
I'm probably going to just let it renew as is, but I just want to make sure there's not something I'm missing out on that I should be doing during this period where it's open.
Also their estimate shows I have 7 1/2 years left to pay. That's actually much better than my estimate, figured I still had 10 years. I could have it paid off before I turn 40, at this rate.
Facebook
Twitter