In today’s B’s Finance Minute, let’s Talk about the difference between Renewal, Switch Or refinance. When your mortgage is maturing, you are keeping the balance as it is and you are staying in the same bank this is called a Renewal. The biggest mistake that you can make is signing the Renewal Offer close to the maturity.
What you should be doing instead is reviewing your Options 5 months before the maturity with Mortgage Experts like me who have access to multiple lenders.
Next, what does Switch or Transfer mean? You are not changing anything on your mortgage you are simply moving to another lender because they are offering better mortgage options for you. The new lender will cover all the legal and appraisal costs.
Finally refinance means you are changing the amount of your mortgage for various purposes like debt consolidation, renovation etc.
When your mortgage is maturing you have options. Make sure you review them with an Expert.
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