There’s a lot you need to know when navigating the world of mortgages.

And, if you’re not careful, it’s quite easy to get tripped up in the lingo, the procedures, and the payments. (Not to mention the penalties.)

This is why we’ve recruited Jerome Trail, owner and broker of record at The Mortgage Trail, to answer the most important questions homebuyers and homeowners should understand before moving forward in their mortgage process.

Today, Trail is offering the answer to the inquiry: “What should I be considering when it’s time to renew or refinance my mortgage?"

Have another mortgage question, or looking for mortgage advice? 

Contact Jerome at The Mortgage Trail — mention STOREYS, and you’ll receive a free appraisal!

"When a mortgage matures, it is the only time that you can make a fundamental change and not incur a mortgage penalty," Trail says. "If, for any reason, you need to refinance, you should do it at maturity."

READ: What is a Construction Mortgage and How Can I Benefit From One?

Trail explains how typically, a "fact-finding conversation" at the time of a mortgage's maturity will determine whether clients are carrying consumer debt, if they have home renovations underway, if they're planning to purchase a second home, and any other factors that may impact their renewal or refinancing.

The second topic of this conversation, Trail says, should revolve around what the client's plans look like over the next few years, and how much mortgage flexibility they'll require.

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"While rate is an intrinsic part of what we do, the needs of the homeowner are the most important factor to be taking into consideration," Trail says. "The conversation(s) usually start about four or five months prior to maturity, and that should allow enough time to line-up a suitable mortgage solution."

So, as long as you plan (somewhat) ahead, and you're up-front with your mortgage broker about what you have on the go, you can approach your mortgage renewal or refinancing with minimal stress.

This article was produced in partnership with STOREYS Custom Studio.

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