Is Your Mortgage Up For Renewal in 2023? - What You Need to Know

What does "renewal" even mean?

If it's your first time... Heck... If it's your third, fourth, or fifth time renewing... You don't do it all that often and you may not have received good advice the last time around. Knowing the difference between renewal, refinancing, the benefits of selling or staying, the confusion around all the media buzz about interest rates; it can be very overwhelming. So to start the new year, I'm shining a quick light on the MUST knows:

First:
Don't just blindly sign the renewal papers you get two weeks before your mortgage expiry!
This is likely the largest financial asset you own. Get EDUCATED on your options to OPTIMIZE your financial situation.

Second:
Turn to your professionals for the BEST ADVICE - FOR FREE!
Talk to a GREAT mortgage specialist and a GREAT REALTOR!

It is NEVER too early to speak with both professionals - BUT it can be too LATE to optimize your situation. Example: If your renewal isn't until September, reach out now. If you decide you're selling, you got work to do NOW to be ready!

...And NO, neither has to be the original mortgage person or REALTOR you originally used for the transaction. When it comes to your largest financial asset, you always want to make sure you are speaking with the best, most-qualified individuals!

Third:
Lock in your renewal rate as soon as you can at 4 months, there is no downside!
Just like when you're shopping for a home and you can lock-in a preapproval rate, you can lock in your renewal rate up to 4 months in advance!
Bonus, just as when you lock-in a pre-approval, if the rates go DOWN you can lock in at that new rate; if the rates go UP during that time, however, you get your original lower, locked-in rate.

There you have it, short and sweet!

As always, this is general info and everyone is unique.
Please reach out for our recommendations for great mortgage specialists AND our advice on your sale options.

Thanks Rob Jennings - for helping us with this tip!

Nicole Darbaz, REALTOR®
Your Trusted, St. John’s Metro, Real Estate Expert
Darbaz Real Estate Group
Keller Williams Platinum Realty
709-691-1373
NicoleDarbaz@kw.com
MLS®