Dreading a mortgage payment increase when you renew? There are ways to find a better rate
With the low, low rate days now over, if your renewal is sneaking up, you may be cornered into a rate increase of a couple of percentage points . Especially since the federal mortgage stress test is also higher, as it could block you from qualifying with another lender.
Recent rate hikes, however, have pushed the qualification ceiling even higher, with lenders testing your payments at current rates plus another 2.0% . Go for the stretch to switch True North's in-house lender, THINK Financial, prides itself on offering lower rates than the big banks. If you have equity built up, one of their expert brokers may be able to switch you to their lower fixed-rate product by stretching your amortization up to 25 years. That stretch can lower your debt ratios to qualify for the switch and help you save cash.
Put down a lump sum at renewal Don't have enough amortization room to lower your payments? If you have access to extra funds, plunking it onto your principal may allow flexibility for the lender to extend your mortgage length.
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