Mortgage Renewal Options in Milton: Bank vs. Broker
When your mortgage term is coming to an end, you will face one of the most important financial decisions in your homeownership journey: mortgage renewal. For homeowners in Milton, this process provides an opportunity to reassess financial goals, take advantage of better rates, and adjust terms that align with your lifestyle. But a common question arises—should you renew with your bank, or work with a mortgage broker ? Understanding Mortgage Renewal in Milton A mortgage renewal occurs when your current mortgage term (often 1–5 years) ends, but you still have a remaining balance to pay off. At this point, you must either renew your mortgage with your existing lender or choose a different lender. In Milton’s competitive real estate market—where property values have steadily risen and interest rates fluctuate—renewal is a valuable opportunity to: Lock in a lower interest rate. Shorten or extend your mortgage term. Consolidate debt into your mortgage. Switch from a variable to a fix...