Renewing mortgage before term is up.
Hey all,
I received a phone call from a mortgage specialist from my local bank (well, credit union). This bank is where my mortgage has been from the get-go. She told me that they are offering mortgage owners an early renewal because the prime lending rates are climbing. My mortgage is up for renewal in 10 months. I had locked in at 5 years previously for 2.99%. She said if I renewed now, it would be the same rate. The only reason to renew now is mitigate any further lending rate increases down the road.
This is my first mortgage and first time renewing. I don't know much about it.
It sounds like I should take the offer and renew now instead of risk it and see a further rate increase.
Any advice?
Thanks.
Looking around
Wondering what became
Of what I once knew