What to Think About When Renewing Your Mortgage Your mortgage payment may be a high expense in your monthly budget, but when mortgage term comes up for renewal, lenders may tempt you to stay with them by sending you out a renewal offer that simply requires your signature in response. However, it is often in your best interest to do some research on your own. Your best offer might not be the one that shows up in your mailbox. Mortgage Renewal Tips One of the most important steps that you can take without the mortgage renewal process is to start ...
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ruly the riHow to Know if Early Mortgage Renewal is Right for You If there is still an outstanding balance on your mortgage at the conclusion of your mortgage term, you will be responsible for renewing for another term. Your lender is responsible for notifying you 21 days before your term is up, but the majority of lenders will allow you to renew anytime within the final four months of your current mortgage term without paying the penalty for breaking your term early. During this four-month period, lenders will contact you with an early renewal offer. This will usually outline ...
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