Things to consider before renewing your mortgage
When it comes renewing your mortgage, it may be tempting to simply sign the renewal letter and be done until the next renewal date. However, taking some time to explore your options is the single smartest thing you can do to ensure you are getting the best value from your mortgage.
As your mortgage renewal date approaches, here are a couple of considerations:
What are your short and long-term goals?
Mortgage renewal time is a great time to consider what is on the horizon for you. Are you planning a home renovation? Looking to purchase a rental property? While you’re exploring all of the options available (such as loans, or lines of credit), consider talking to a lending specialist about the possibility of tapping into your home’s equity to fulfill your financial goals.
Are you moving in the near future?
If you are planning a move within the next few years, you may want to choose a term length that coincides with your expected move date. Or, you could consider the possibility of turning your current home into a rental property that will provide you with an additional income source.
Talking with an SCU lending specialist can help you feel confident you’re making a smart money move that will help you reach your short-term goals while continuing to provide for your best financial future.