If you live in Lethbridge and your mortgage is renewing in 2010, you best start getting prepared. There are a few surprises which could jump up at the last minute and delay your mortgage renewal, so it is best to get an early start.
One of the greatest surprises that a Lethbridge mortgage renewal might encounter is that the value of your home may have changed. For those real estate purchasers who purchased at the top of the market, or whom paid way too much for a property based upon the advice of an incompetant real estate advisor, they may discover that their property value may be equal to or even more than they owe on the property!
For the mortgage lenders, this is a big problem, and it scares them to think that you have little or no equity in the property.
Another surprise for some homeowners this year will be that a few of the banks which used to exist have now gone out of business. Depending upon if you used a smart mortgage broker and what sort of product they found you, there are going to be many homeowners who discover that their lender is either out of business or not willing to renew their mortgage. If this happens, you need professional mortgage help ASAP!
Then there are those who have a comfortable mortgage renewing at a stable lender. Nothing fancy, just a big old mortgage that they pay on time, everytime. Often these people just sign the renewal documents that arrive in the mail. This is a big mistake. The bank makes MILLIONS of dollars from mortgage renewals that simply sign the renewal documents. Imagine if you could call me and I could get your renewal at up to 1% lower interest rate! Not only could this save you hundres of dollars a month on your monthly payment, but it could also be used to pay yuor home off YEARS faster!
If you mortgage is coming up for renewal anytime in 2010, take 10 minutes and call me and see exactly how much money I can save you just by simply shopping your mortgage to a few of the banks and letting them compete for your business. Is 10 minutes worth $10,000 to you? Give me a call.
Here are a few of my favorite past articles from my Lethbridge real estate and mortgage blog you might have missed or wish to recommend them to a friend.
Robert May is a Realtor, as well as the broker and owner of Rainbow Realty of Lethbridge Alberta . He is also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta. He has been in the Lethbridge real estate industry since 1993 and offers full Lethbridge real estate services to Lethbridge and surrounding area, as well as Lethbridge mortgage financing, mortgage refinancing , preapprovals, and Lethbridge loans financing to Lethbridge and Southern Alberta. He can be found online at this link: mortgage broker Lethbridge
Let me share my 16+ years experience in the local Lethbridge real estate and financing market with you! It is the first step towards making a profitable real estate decision.
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