If you’re a homeowner in Regina, it’s important to keep an eye on your mortgage and make sure it still meets your needs. Here are five signs that it might be time to renegotiate your mortgage:
Signs It’s Time to Renegotiate Your Mortgage
1. Your interest rate is no longer competitive: Interest rates can change over time, and if you’re not locked into a fixed-rate mortgage, your payments could go up. If you’re paying more than the current market rate, it may be time to renegotiate your mortgage.
2. You’ve had a change in income: If your income has increased or decreased since you got your mortgage, it may be time to renegotiate. A decrease in income may mean you can’t afford your current payments, while an increase in income may mean you can qualify for a lower interest rate.
3. You’re looking to buy a new home: If you’re planning on buying a new home, you’ll likely need to get a new mortgage. Renegotiating your current mortgage could help free up some cash for a down payment.
4. You’re looking to refinance: Considering refinancing your home? Then it’s a good idea to renegotiate your mortgage first. This can help you get a lower interest rate and save on costs.
5. You’re facing financial difficulties: If you’re having trouble making your mortgage payments, it may be time to renegotiate. This can help you get a lower interest rate or extend your term to make payments more affordable.
Call Us Today
If any of these apply to you, it may be time to renegotiate your mortgage. Contact the team at City Centre Mortgages in Regina today for expert help!