1. How do I renew my mortgage?
Contact your Bob Hanscom Mortgage Agency associate to help you decide if you want to stay with your existing bank or shop around for rates
2. Is there a fee involved?
In most cases, to do a straight switch to a different lender or to renew with the same bank/lender you are with, there is no fee
3. Do I have to re-qualify to renew my mortgage?
If you stay with the same bank or lender, most often you do not. If you switch to a new lender or bank, you would have to requalify
4. Why would I switch banks instead of renew with my existing bank?
Our clients switch to different banks and lenders all the time. Reasons for switching vary: better interest rates to be had, a better pre-payment penalty privilege, a better product that suits current needs...with just a few minutes of your time, we can help you figure out if it's worthwhile
5.What if I need more money out of my mortgage?
Requesting a higher mortgage amount is called a "refinance". This is common when mortgages come due or come up for renewal.
6. I received a letter from my bank saying that my mortgage is coming up for renewal. What's the best thing to do when I get that letter?
Always make sure you are happy with the rate they are offering! Many people sign the renewal letter from the bank without shopping around. This is why you should call a reputable mortgage associate first.
At the Bob Hanscom Mortgage Agency, we give our clients a heads up about their mortgage renewal, usually 3-4 months prior to the mortgage ending. This gives our clients an opportunity to maximize their time before renewal to get a better interest rate. This small service gesture is just one reason why most of clients are repeat customers.
