Though equally important as a purchase or refinance, the importance of mortgage renewals is often overlooked. Over 70% of mortgage holders simply sign the renewal documents and send them back to the lender they are currently with.
Not so fast!
Once a lender has your mortgage in place, they are only looking out for their best interests, not yours. They will usually send you the renewal notice within 30 days of the renewal date, at a rate and terms that benefit them. Sometimes transferring to a new lender is a better option.
Mortgage consumers deserve to have the lenders compete for their business every time they sign their mortgage!