If you have not missed a payment during your last mortgage term, you will most likely get an offer for renewal from your current lender. Before you sign on the dotted line on the mortgage renewal letter, there are some very important facts you need to know, so you don’t pay more than what is necessary.
If by this time, you owe more than 10 -15K on your credit cards, the best time to get rid of this debt is on your mortgage renewal date. You will save a large amount on interest payments and improve your credit score.
If you are planning to move, then think carefully about how many years to choose for your new mortgage term. Should you go with Fixed rate or a Variable one? An open rate is also an option, but it is a very expensive one to have for more than a few months. Get an opinion from a mortgage professional.
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